FSCS Protection With Joint & Single Accounts ?

steve2005

Scenario:

Mr Dog has £80,000 with Banana Bank
Mrs Cat has £80,000 with Pineapple Bank
Mr & Mrs Dog have £80,000 in a joint account with Pineapple Bank also.

Should Pineapple Bank go broke, would the entire £160,000 be safe or would it be only the first £85,000 as Mrs Cat already has an account with her name attached to it?

We were arguing this at work today and nobody could actually find an answer.

Thanks

eskbanker

If Pineapple Bank went under, Mrs Cat would have her £80K reimbursed under FSCS and Mr & Mrs Dog would also get their £80K. Do you perhaps need to reword the question?

steve2005

I think I've now found the answer

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#What_is_the_position_for_people_who_have_multiple_accounts_with_banks_that_are_subsidiaries_of_another_bank_

Point 5 applies, no?

steve2005

eskbanker wrote: »

If Pineapple Bank went under, Mrs Cat would have her £80K reimbursed under FSCS and Mr & Mrs Dog would also get their £80K. Do you perhaps need to reword the question?

No, you've answered it perfectly - thanks.

PeacefulWaters

Are Mr Dog and Mrs Cat having an affair?

p00hsticks

steve2005 wrote: »

I think I've now found the answer

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#What_is_the_position_for_people_who_have_multiple_accounts_with_banks_that_are_subsidiaries_of_another_bank_

Point 5 applies, no?

Yes, but as the total amount in the joint account in your example is under the £85,000, and neither of the joint account holders has any more money saved in other accounts with that bank, how the money is split isn't really relevant.

I think what you are missing, and others are (too ?) subtly trying to point out to you, is that in your scenario as described no one has more that £80,000 in any one bank -

unless you really meant to say that Mrs DOG rather than Mrs Cat had £80,000 in Pineapple bank - or you omitted to specify that Pineapple Bank and Banana bank share the same banking license.

sheramber

steve2005 wrote: »

Scenario:

Mr Dog has £80,000 with Banana Bank
Mrs Cat has £80,000 with Pineapple Bank
Mr & Mrs Dog have £80,000 in a joint account with Pineapple Bank also.

Should Pineapple Bank go broke, would the entire £160,000 be safe or would it be only the first £85,000 as Mrs Cat already has an account with her name attached to it?

We were arguing this at work today and nobody could actually find an answer.

Thanks

Mrs Cat only has one account.

Mrs Dog only has one account

Mr Dog has two accounts

p00hsticks

sheramber wrote: »

Mr Dog has two accounts

but with two different banks

fromtheshires

sheramber wrote: »

Mrs Cat only has one account.

Mrs Dog only has one account

Mr Dog has two accounts

I think the OP meant:

Mr Dog banks with Banana Bank
Mrs Cat banks with Pineapple Bank
Mr Dog and Mrs Cat have a joint account at Pineapple bank

Would both Mrs Cat's sole account be secure with the FSCS scheme as well as the joint or just the single account.

Thats how I'm reading it anyway

Archi_Bald

fromtheshires wrote: »

Thats how I'm reading it anyway

Don't take this the wrong way but that sounds a serious case of dyslexia

EssexExile

It's this modern trend of married animals keeping their maiden animal status that is confusing us.