Bank Safety Limits

JoBabe

Can anyone advise on the following?

I have current account with one bank, a ISA cash savings account with a sister bank on on-line, and my company has a business account with the first too.

Q1 Is the business account classed as part of my personal £85000 safe deposits or is it separate?

I also have a mortgage with the first bank and also a linked account where I pay in extra on top of my monthly mortgage payment. This adds up and is set against the amount owed on the mortgage to reduce the interest each month.

Q2 Is this linked account part of my £85000 or is it part of my paid off mortgage?

I am really worried I might be very exposed to a bank collapse or something like what happened in Greece. All advice gratefully received.

opinions4u

1. If the business is a limited company it will either have its own FSCS limit or none at all. The latter for larger entities.

2. If it sits in its own savings pot it's part of your £85k.

jonesMUFCforever

Agree with opinions4u but you did say ''sister bank'' - Lloyds banking group for instance consists of Lloyds Tsb, HalifaxBOS, C&G and Scottish Widows amongst others - they all have their own separate banking licences so you would be covered up to £85k in each bank.

JoBabe

Thanks guys.
Its a small limited company so should have its own £85K - phew!
The sister banks are Coop and Smile so same bank.

Still waiting for any info on the mortgage question

InsideInsurance

If its a mortgage with offsetting against a savings account then the savings in that account do count towards your 85k limited