Do children's savings get their own FSCS protection?

ratechaser

Surprisingly I've not found a clear answer for this in the 30 seconds I've spent googling, so I thought I'd ask you :-)


Basically my children both have JISAs with Nationwide with me as the designated parent, therefore their amounts show up when I log in to internet banking and when they send me periodic savings statements. Once you aggregate this with my own accounts with Nationwide, I'm heading over 75k, and indeed when they send me savings statements, this aggregate total is what goes on the cover letter.


So... if Natiowide went bust, would the FSCS see this as all 'my' money, or do my children each have their own 85 (to become 75)k protection?

xylophone

The children are savers in their own right - the money in the JISAS is not your money but theirs so they must be entitled to their own individual protection?

ratechaser

xylophone wrote: »

The children are savers in their own right - the money in the JISAS is not your money but theirs so they must be entitled to their own individual protection?

Well I'd certainly hope that's the interpretation, but I just wanted to make sure that the fact that a lot of children's savings - including JISAs - have a designated parent nominated or acting as trustee, that this isn't a complicating factor.


In some ways, it ought to be clearer cut with JISAs because the parent has no way to access the money, but it's just possible that SOME parents use other childrens accounts to park their own money...

Neil_Jones

From MoneySavingExpert:

http://www.moneysavingexpert.com/savings/safe-savings#fscs wrote:

All UK-regulated deposits - including money saved and accumulated interest - in bank or building society savings products, are covered by the FSCS.

...

This applies to everyone, no matter their age (including children), or where they live.