are your savings safe

jules_77

:jIn your article are your savings safe, it explains that the FSCS covers the first £50,000 per person, per financial institution.


Regarding Investments: If you've invested in an investment fund (e.g. through a discount broker) you'll get the first £30,000 back, plus 90% of the next £20,000 (a total of £48,000).


What I am unclear about is, for example if you have £50’000 in savings in the Halifax.


You have cash ISA in the Halifax


You have a self selected ISA in shares with the Halifax Share Dealing Service


If you had £50’000 in savings with the Halifax and you had cash ISA with the Halifax , would the FSCS Protection be combined savings & cash ISA amount of £50’000 or are savings and cash ISA’s covered separately if they are in the same financial institution?


If you had £50’000 in savings with the Halifax and self selected ISA shares with the Halifax Share Dealing Service would the FSCS Protection be £50’000 for the savings plus £48’000 for the shares or is it £50’000 for both as it is the same financial institution?


I hope that someone can clear up my confusion.

rb10

The £50,000 protection covers all savings in cash in an institution - so this is the sum of money in normal savings accounts, cash ISAs and current accounts within any single institution.

As far as I understand it, the further £48,000 would then apply separately to this for your stocks & shares ISA, giving you (potentially) a total of £98,000 that is covered within the single financial institution.