nationwide instant access offshore accounts

jumbles_2

Hi Guys
think I have a stupid head on - is this covered by the UK government £85K a its Nationwide or not because it's 'offshore'?

Reaper

No, being offshore it is not covered by any UK scheme. Instead any local schemes will apply. I believe it operates under the IOM one:
http://www.gov.im/fsc/investor/dep_comp.xml

Possibly not quite as good at £50k limit and they may struggle to pay out if lots of banks go under as they have limited funds to draw on, but better than nothing.

innovate

Reading the Security statement on the Nationwide International website, I would personally be quite relaxed up to £50K.

Though as and if you needed to claim under IoM scheme, you might have to be prepared for things to take a bit longer than they would take under the FSCS scheme. Hopefully no reason to have to put it to the test!

soulsaver

Offshore subsidiaries of UK banks aren't quite clear cut, nor tested:

In my experience the UK parent banks guarantee deposits in their own offshore facilities - so in those circumstances the offshore facility can only go broke if the parent does.

In that eventuality I suspect that FSCS (UK) compensates depositors only in the parent; then offshore depositors claim against the offshore facilities compensation scheme.

Ask the parent bank for a formal statement of how it's offshore deposits are protected.

grey_gym_sock

nationwide do agree to cover the liabilities of nationwide international, but i'm not sure that all all UK building societies or banks do similarly.

RetiredInThailand

grey_gym_sock wrote: »

nationwide do agree to cover the liabilities of nationwide international, but i'm not sure that all all UK building societies or banks do similarly.

I am certain that they dont and Nationwide are indeed the exception.

Most of the others explicitly do not guarantee their offshore subsidiaries.

All is made very clear on their websites.