If I put savings in partners name-is it covered?

joemardo1

Hi there,

If I was to put some savings in partners name only (as we each have an account with the same insitution) does she count as a separate customer if the unlikey was to happen and we had to claim compensation from the financial authority?

Lokolo

yes. but she could always run off with the money

atypical

Any single person has protection of £50,000 with any single institution. Note that many banks count as single institutions, check here.

Thus joint accounts have protection of £100,000. Opening two accounts with the same institution does not afford double the protection.

Lokolo

atypical wrote: »

Thus joint accounts have protection of £100,000. Opening two accounts with the same institution does not afford double the protection.

It does if its in 2 peoples name.....

atypical

Yeah, I could have been clearer. The OP said he and his wife each have an account with the same institution; opening another account in his wife’s name at the same place wouldn't double the protection.

I think that's what was asked.

gozomark

atypical wrote: »

The OP said he and his wife .

I don't think it matters, but OP said partner, not wife

Lokolo

atypical wrote: »

Yeah, I should have been clearer. The OP said he and his wife each have an account with the same institution; opening another account in his wife’s name at the same place wouldn't double the protection.

Oh right yeh I get you now