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odonogeezer
odonogeezer
Posts: 5 Forumite
can any one advise can you exceed £50000 in a direct ISA is it safe
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Comments
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National Savings are not limited to £50K protection. National Savings & Investments are backed by the treasury 100% so your money is safe, 100%!MFW 2009 Challenge - Member #166£6000 to overpay in 2009 / £6000 Paid0
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Thanks for reply, are isa all backed by treasury including building society isa's.0
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No. You're protected up to £50,000 per person by the Financial Services Compensation Scheme for deposits held with institutions operating under unique banking licences.odonogeezer wrote: »Thanks for reply, are isa all backed by treasury including building society isa's.
Certain deposit-takers are more protected than others because of temporary or permanent arrangements (e.g. Northern Rock is currently government owned and therefore Treasury backed, while NS&I is permanently backed by the Treasury). For other institutions you have to decide if you're happy with the risk. For the most part it's probably not going to be an issue, as the government has so far ensured that no private savers have lost money even when banks have failed.
If you're really worried, just split your ISA between institutions.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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