Deposit Protection Scheme

Theyarv1

I have accounts with
Halifax and Lloyds, and share dealing with III - am i covered once, twice or three times because they are all interlinked?

Do i need to be covered at all on III?

TheMatrix_2

Not sure about iii but lloyds tsb and halifax have seperate cover, so protected for £85,000 x2 for the two of them.

G_M

Shares have no protection. If the company you've got shares in goes belly up, well, as an owner of the company you lose!

If iii goes bust, you still have your shares.

Ark_Welder

Your securities are held in a nominee company that is a separate legal entity from the Lloyds group.

Any cash on deposit with III is held in a Halifax or Bank of Scotland account, so would count toward the limit for that authorisation - I presume: I don't think the fact that it is held via III will make a difference. Remembering that the account currently pays 0%, of course..!

Theyarv1

So if i have an III and Halifax share dealing accounts AND a Halifax account, you think i'm only covered once? (not talking about the shares, i understand that they are mine, but the cash i might hold in my share dealing accounts?)

atush

that is how I understand it. III cash and Hal accts will be covered for one lot of 85K. But if married, you could double protection with joint acct

Ark_Welder

Theyarv1 wrote: »

So if i have an III and Halifax share dealing accounts AND a Halifax account, you think i'm only covered once? (not talking about the shares, i understand that they are mine, but the cash i might hold in my share dealing accounts?)

This is my understanding - have a look the FSA link in my signature at the bottom of this quote.

Theyarv1

Ark Welder
So lloyds and Halifax i'm only covered once?

ChiefGrasscutter

Theyarv1 wrote: »

Ark Welder
So lloyds and Halifax i'm only covered once?

As I understand it............
Currently Lloyds and Halifax operate under seperate banking licences
so you are covered up to £85K in the Halifax and £85K in Lloyds.
How long they will remain separate is a good question.....most takeovers end up assimulating the taken over part into the banking licence of the parent.

Note that Halifax owned some other companies/brands (I think AA savings is one and birmingham midshires is another ) and these brands all operate under the Halifax licence so for example you would only be covered for 1 lot of £85K in total if you had lots of accounts with the halifax AND all these other brands/companies.

opinions4u

Halifax web site for savings gives a clear list of all associated companies under their banking licence, Halifax Sharedealing is noticeable by omission:

Accounts with Bank of Scotland plc include accounts with its divisions and trading names: Halifax, Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Bank of Scotland The Netherlands, Bank of Scotland Treasury, Lloyds Bank Corporate Markets, Lloyds TSB Corporate Markets, St James's Place Bank and St James's Place Private Bank. Some savings accounts under AA Savings, Saga and Charities Aid Foundation brand names are also deposits with Bank of Scotland plc. An eligible depositor's £85,000 limit relates to the combined amount under all of these names.

My understanding is that cash held in a sharedealing account is not covered by the FSCS Deposit Protection Scheme but by the FSCS Investment Protection Scheme which has a £50k limit.

Check out your T&Cs or ask them direct for confirmation.

Ark_Welder

ChiefGrasscutter wrote: »

As I understand it............
Currently Lloyds and Halifax operate under seperate banking licences
so you are covered up to £85K in the Halifax and £85K in Lloyds.

This is my understanding too