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Small Business - Financial Services Compensation Scheme
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TNH-Andrew
Posts: 2 Newbie
Advice and ideas please.
I am in the fortunate position of having a small business banking account with a balance, built up over many years, in excess of the £75,000 figure which the FSCS would cover should my bank fail. I use this account to draw a modest but steady monthly salary - I am hoping to draw down my business savings as I move into semi-retirement and prior to drawing a pension. I am worried that my bank could fail (as remote as that may seem there is a finite chance of it happening especially in our current uncertain times). Any ideas what I can do to mitigate my risk? Is there any private deposit insurance I could buy to protect sums in excess of £75,000 (I have tried to research this on-line but without luck)?
I am in the fortunate position of having a small business banking account with a balance, built up over many years, in excess of the £75,000 figure which the FSCS would cover should my bank fail. I use this account to draw a modest but steady monthly salary - I am hoping to draw down my business savings as I move into semi-retirement and prior to drawing a pension. I am worried that my bank could fail (as remote as that may seem there is a finite chance of it happening especially in our current uncertain times). Any ideas what I can do to mitigate my risk? Is there any private deposit insurance I could buy to protect sums in excess of £75,000 (I have tried to research this on-line but without luck)?
0
Comments
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Most people just open another bank account with a different bank to spread the balance so that all your eggs aren't in one basket.0
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