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compensation situation for a personal and business a/c with same bank
thejaminthecity
Posts: 21 Forumite
If your personal and business account is with the same bank are you covered for £50000 per account or £50000 combined?
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If the business account is for you as a sole trader, then you are limited to £50k for all accounts with that bank. If the business account is in the name of a limited company, there is a separate £50k limit; note that limited companies only qualify if they can satisfy at least two of the following three criteria:
- A turnover of not more than £6.5m
- A balance sheet total of not more than £3.26m
- A total number of employees of not more than 50.
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