Does the 50k protection cover you in more than one institution?

Lynt_3

If you have 50k in more than one bank, and they both go bust, are you covered for 100k?
I heard from someone today, that, individually, we are only protected for a total of 50k.

Anyone know if this is correct?

Or am I being thick again?

South_Bound

Read the 'Are your savings safe?' article. Covered in detail.

Crabman

You're covered for £50,000 per institution (see the Are your savings safe article for what counts as an institution) so if you had £50,000 in two separate banks (i.e. not linked) and both went bankrupt, you'd get £100,000 back.

Lynt_3

I have read all Martin's advice etc, but this person, who says he worked in finance, reckoned that it is the individual that is covered only for 50k. I thought it didn't makes sense. But feeling a bit twitchy right now, I'm likely to believe anything!
He obviously only worked as a tea boy, in finance. :rotfl:


(Apologies to any tea boys/girls on here)

thanks Crabman and South Bound. It was a stupid question really! As you were

Stavros_3

Lynt wrote: »

If you have 50k in more than one bank, and they both go bust, are you covered for 100k?
I heard from someone today, that, individually, we are only protected for a total of 50k.

Anyone know if this is correct?

Or am I being thick again?

No you are not being thick. You are protected up to 50K in Each banking institution so long as its not part of the same group, cos a few of them are now. Its all to do with the uk bank licences. This is something that the FSA and government are currently reviewing because of the mass confusion you have rightly highlighted.
IMHO the government have now set a precedent by bailing out the uk savers in Icesave - a foreign bank. Whilst they haven't publicly stated it YET, my feelings are that if they bail out a foreign bank, they are hardly likely to let our own banks and savers go to the wall, expensive I know but now to do otherwise would be political suicide for any government.
Investments/savings carry some risk, but I am comfortable with my savings in the B & B which are in 6 figures, thats my choice, and my risk.