Was Martin Right?

leboof

Quick question on savings safety... I'm sure Martin said on last weeks show that £50,000 was guaranteed 'per account'. Is that correct, or is it per bank?

Oh, and another! First Direct are part of HSBC, so the above answer is per bank, if you had savings in both HSBC and First Direct, how would you be covered there?

Thank you for your replies in advance.

6022tivo

It is not per account. It is per registered company.

I think there is a link on here for which company owns what...

As FD is part of HSBC, I think your total is 50k combined in both. If HSBC went you would get a max of 50k from your FD and HSBC account...

I

Caudle

The £50k is, in effect, per banking licence.

So if several financial organisations share the same banking licence, then all savings in all of them will be added together for the purposes of the £50k limit.

Take a look at Martin's colour coded table here.

Swipe

£50k Per banking group license, per person.

HayleyXD

leboof wrote: »

Quick question on savings safety... I'm sure Martin said on last weeks show that £50,000 was guaranteed 'per account'. Is that correct, or is it per bank?

Oh, and another! First Direct are part of HSBC, so the above answer is per bank, if you had savings in both HSBC and First Direct, how would you be covered there?

Thank you for your replies in advance.

its per banking institution.
and i think he said you can have £1000 in a joint account and it still be safe.

Inactive

HayleyXD wrote: »

its per banking institution.
and i think he said you can have £1000 in a joint account and it still be safe.

:rotfl:

As much as that.. :rotfl:

Broadback

Don't forget that IF you put £50,000 in it would soon exceed that with interest. So keep it a little below. Personally I will spread my money (when I eventually get it back) among several institutions. If your choice goes tilt then waiting for the money is a pain. Also as Iceland did not keep their promise how do we know any other country will? At least if we are in UK institutions if they cannot keep their promises we are all in the deep stuff together!

Count_Dante

HSBC are extremely reliable. If they go down, your assets are tinned food, not cash.

gaahmad

HayleyXD wrote: »

its per banking institution.
and i think he said you can have £1000 in a joint account and it still be safe.

I think that should be £100,000 in a joint account, i.e. £50,000 per person, not £1000!

frames1_uk

Count_Dante wrote: »

HSBC are extremely reliable. If they go down, your assets are tinned food, not cash.

it's a real shame they don't offer any decent rates on savings products then.