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Business & Personal Accounts Safe Limits
esp1
Posts: 6 Forumite
My husband and I run our own small business. It is a limited company with its 'own' name although my husband & I are down as the sole directors/company owners/only cheque authorisers.
We had assumed that as our business & personal savings were spread around, we would be safe, particularly as we are limited. However, we have realised that if you combine our business & personal savings in some bank groups, we are over the £35k (or £50k) 'safe' limit.
I have phoned around just to get assurance that we are covered, but nobody seems to give me a straight answer as to whether both our business & personal savings would be looked at separately, or as one in the event of a bank collapse.
Can anybody out there provide any advise of what authority to contact?
Many thanks :huh:
We had assumed that as our business & personal savings were spread around, we would be safe, particularly as we are limited. However, we have realised that if you combine our business & personal savings in some bank groups, we are over the £35k (or £50k) 'safe' limit.
I have phoned around just to get assurance that we are covered, but nobody seems to give me a straight answer as to whether both our business & personal savings would be looked at separately, or as one in the event of a bank collapse.
Can anybody out there provide any advise of what authority to contact?
Many thanks :huh:
0
Comments
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limited companies are a separate legal entity and get their own allowance provided it is not classed as a large company.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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... I have just discovered that a number of people have had similar questions, so thank you for replying.
It's not surprising that so many people have asked this question as I found it very difficult to get a straight answer from our banks.0
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