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£50,000 saving guarantee
dealchaser
Posts: 108 Forumite
Hi, Does anyone know if you have a bank account for a Limited Company and there are two named account holders are you covered for £50,000 just for the Limited Company or £100,000 being £50,000 for each named account holder.
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The limited company is a separate entity. Whether it is covered at all depends on the size of the company.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Best not to keep anything like that balance in a limited company account for all sorts of reasons.
Depending on the turnover depends on the protection, smaller companies are more protected than larger ones, but it's different to the personal FSCS. There is a recently thread about this, a search should bring it up.
The main issue, is if the company folded, or it was sued, the creditors could access all the balance.0
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