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Protection on "feeder" accounts?
Scampi_Chops
Posts: 1 Newbie
Having been a keen follower of Martin's advice, I have previously split up a large wad of savings money into eight different accounts/organisations to ensure that no more than £35K is held in any one of them. All of these new accounts pay regular monthly interest into my main "feeder" account which is with Nat West. If I wish to close any of the £35K accounts, then the money would be transferred directly back into the Nat West account.
If all hell breaks loose, will I still be able to move the lump sums back from the new accounts through the Nat West, and how will the FSA protection scheme work for money "flowing" through?
Big thanks x
If all hell breaks loose, will I still be able to move the lump sums back from the new accounts through the Nat West, and how will the FSA protection scheme work for money "flowing" through?
Big thanks x
0
Comments
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Why are going to so much trouble, 8 accounts, are you mad. Put it all in one account and forget about it.
Think about it, how much money have savers in Northern Rock or Bradford and Bingley lost?0
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