We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is money in current acct protected?
Xinpei
Posts: 122 Forumite
hi there sorry if this seems a silly qn. I know money in savings are protected... but is money in current accts protected too? Thanks!!!!
0
Comments
-
Yup, it is, so be careful if your savings and current account are with the same institution and total close to/over £50k.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
-
-
Yes it is protected, but a couple of points about current accounts:
- you should never really have a significant amount of cash in a current account, no more than a couple of £1000s say. Any more than that and you should really be moving it elsewhere.
- you have the facility now to move money out of a current account more or less instantly. So unless you think a bank is liable to collapse literally overnight, you'll always have time to safely move it.0 -
£100k joint account..big_peachy wrote: »Ye UP TO 50K0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards