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Additional FSA Compensation ??
seismic
Posts: 2 Newbie
Hi,
I have just come back from a tour around the highstreet banks and building societies looking for reasonable fixed rate bonds. One society drew my attention to the fact that I was close to the £50,000 limit for compensation by the FSA in the event of a failure. They went on to say that if I took out some longterm investments (greater than 5yrs), I would be eligible for additional FSA compensation of up to £45,000. Making a total guarantee of £95,000. This is the first time that I have heard of this scheme. Is it true or a bit of wishful thinking by a zealous member of staff ?
seismic
I have just come back from a tour around the highstreet banks and building societies looking for reasonable fixed rate bonds. One society drew my attention to the fact that I was close to the £50,000 limit for compensation by the FSA in the event of a failure. They went on to say that if I took out some longterm investments (greater than 5yrs), I would be eligible for additional FSA compensation of up to £45,000. Making a total guarantee of £95,000. This is the first time that I have heard of this scheme. Is it true or a bit of wishful thinking by a zealous member of staff ?
seismic
0
Comments
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Take a read of this linky.
It's actually an additional £48k of protection, but make sure you know what your savings are invested in. This isn't for "normal" savings accounts.
Basically they're trying to get you to see their in-house financial adviser.0
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