savings guarantee limit drops on 1 January

ciccio01

The government have announced that they are dropping the savings guarantee on 1 January.
I’m looking around for info, and found the following:

1. “Cash in joint accounts counts as half each, so together you've £170,000 protection
2. If you've an individual account with the same bank, half the joint savings count for your total exposure, and any amount over £85,000 isn't protected (£75,000 from 1 January 2016). For more info, see the joint accounts protection below”

Point 1 reads like both me and my wife are protected if we have a joint accoint, and then (falling to £150,000 on 1 January 2016).

point 2 reads that if we are in the same back with separate account our protected amount halves.

Am I reading this right

masonic

Each individual gets £75k protection. One sole account each would therefore attract the same £150k protection as if you had the same money in a joint account instead.