Business and Personal Savings

Waterbird

Hi,


I had a quick question in regards to FSCS protection.


If I had £85,000 in savings in a bank, lets says Barclays, and £85,000 held in a business savings account which is operated under a limited company and I am a shareholder/director of the firm. If Barclays were to default, would I get back both my personal and business savings or only one?


Thanks

antrobus

Waterbird wrote: »

Hi,


I had a quick question in regards to FSCS protection.

If I had £85,000 in savings in a bank, lets says Barclays, and £85,000 held in a business savings account which is operated under a limited company and I am a shareholder/director of the firm. If Barclays were to default, would I get back both my personal and business savings or only one?

Thanks

You and your company are seperate legal entities. Both would therefore get back £85k. At least so long as your company, qualifies as a 'small business'.

A small business is one which meets two out of the following criteria:

• It has less than 50 employees
• It has a turnover of less than £6.5 million a year
• It has less than £3.26 million on its balance sheet

https://www.nelsonslaw.co.uk/guide-deposit-protection-rules-businesses/

Waterbird

antrobus wrote: »

You and your company are seperate legal entities. Both would therefore get back £85k. At least so long as your company, qualifies as a 'small business'.

A small business is one which meets two out of the following criteria:

• It has less than 50 employees
• It has a turnover of less than £6.5 million a year
• It has less than £3.26 million on its balance sheet

Thanks, suspected that was the case but just wanted to double check.