FSA safe investments

brianquestioner

Hi

I do receive your MSE newsletters and find them most informative. However I would like a concise answer to one question that I have.

If I were to die before my wife, under our wills, she would inherit all my share of our currently jointly held assets property and cash.
This might mean that at any one time a sum of cash totalling about £750,000 may need a secure home. I find it very difficult
to work out what banks and financial institutions share only one guarantee under the FSA compensation scheme and I would like to
compile a list of say eight banks where the money could be placed in lots of say £85,000. I have started a list with the following and
would be most obliged if you could amend or add to this list so I could give this information to my wife in case the situation arises
when these actions would be needed.

Nationwide Building Society
First Direct
Barclays Bank
Nat West Bank
Coventry Building Society
SAGA
HBOS

We currently have joint savings or accounts with some of the above in sums under £85,000 and I assume this is a good of starting place
as any. I would greatly appreciate any comments as it is very difficult to sort out the required information from web sites.

I really look forward to replies.

Thank you
brianthequestioner

SnowMan

Welcome to the forum.

To see which banks have separate licenses for the 85K protection see this page of the MSE website.

In particular you can use the 'which banks are linked' tool.

dunstonh

There is no FSA compensation scheme. It is the FSCS. Also, you appear to be talking about deposit protection and not investments protection which is something different.

brianquestioner

dunstonh

Thanks. Yes I am speaking about actual cash deposits and I stand corrected it is the FSCS.
brianquestioner

SeniorSam

Hi Brian,

Just thought I would pop in with a suggestion, if you have not already thought of it. You can split ownership of your home to 'Tenants in Common'. This means that you and your wife would each own a half of your home and whoever died first, their estate would only hold their individual assets, including half of the home. THis would help refuce the value of individual estates and possibly reduce inheritance tax. Best to seek the advice of your solicitor, who can ensure that whoever remains after the first death, can still remain in the home without hinderance. I trust that you have reviewed you Wills to take advantage of tax where possible.

Good luck

Sam