Post Office FSCS protection?

mark101

Hello MSE's,

Do you have any views on this account and its protection status?

Not sure if I want to be covered by a possibly lesser guarantee and if it did go bust would want the hassle.

Though I just noticed that INGdirect (money now out due to bonus expiring) which would have also been covered by its country of origin.

All other options have been exhausted as I either have money in them, already close to the limit or don’t want to put money in the same institution camp. – They really need to sort this out.

Thanks.

Hungerdunger

mark101 wrote: »

All other options have been exhausted as I either have money in them, already close to the limit or don’t want to put money in the same institution camp. – They really need to sort this out.
Thanks.

Why do "they" have to sort anything out? The protection we receive allows us to save a considerable sum with complete peace of mind by spreading it across different institutions. It is certainly much more generous than it was a couple of years ago.

If it is really the case that you already have money in every group of banks and building societies near to the FSCS limit, then maybe it's time either to diversify into stocks and shares (if you're not already), or take a small gamble that if any of the institutions you are saving with go bust, the Government will help you out with any excess you have over £50k. In any case it looks as if the limit will increase soon to the equivalent of 10k Euros. Hopefully that will keep you happy.

KingL

that'll be 100k Euros