hsbc/FD savings gurantee?

armyoftwo

Hi All,

I just want to know if, let’s say, I bank with first direct and hsbc would I be covered for £50,000 guaranteed for both banks separately? By this I mean hsbc would cover me for £50,000 and first direct would also cover me for £50,000, or would it be £50,000 for both hsbc + FD?

Thanks in advance xx

opinions4u

HSBC and First Direct operate under the same banking licence, so you are covered once only.

But the FSCS deposit protection limit is £85,000.

ColdIron

The FSCS limit increased from £50,000 to £85,000 in 2011, however First Direct and HSBC share a banking license so you should not exceed this amount across the two

armyoftwo

Ah I see. Thank you for the replies O4U and ColdIron. xx