The Top Easy Access Savings Discussion Area

nottsphil

kaMelo said:

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

I'm not certain why this was never answered but I suspect that the five thanks has got something to do with it! Wasn't RBS one?

SanguineOnSaturn

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Doctor_Who

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

BreakingGlass

My Shawbrook Easy Access Issue 36 is today showing a monthly interest rate of 4.43%.   This is strange as the published rate is still 4.27% on their website!  Perhaps it’s about to change. 

masonic

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

boingy

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Yes. Here: 
ClearBank | FSCS protection

They list Tide Chip and Raisin

masonic

nottsphil said:

kaMelo said:

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

I'm not certain why this was never answered but I suspect that the five thanks has got something to do with it! Wasn't RBS one?

NatWest/RBS was part-nationalised in an effort to support shareholders rather than savers. The government bought up shares from investors. Lloyds group was also bailed out. Not exactly obscure minnows of UK banking.

Doctor_Who

masonic said:

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

I've always used the MSE page to check if financial institutions are linked for FSCS protection - is this giving incorrect information regarding ClearBank? I have money with Chip and Raisin, presumably the FSCS limit would apply to money in the Raisin holding account (ClearBank) and Chip? I never keep money in the Raisin holding account for longer than necessary!

https://www.moneysavingexpert.com/savings/safe-savings/

masonic

Doctor_Who said:

masonic said:

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

I've always used the MSE page to check if financial institutions are linked for FSCS protection - is this giving incorrect information regarding ClearBank? I have money with Chip and Raisin, presumably the FSCS limit would apply to money in the Raisin holding account (ClearBank) and Chip? I never keep money in the Raisin holding account for longer than necessary!

https://www.moneysavingexpert.com/savings/safe-savings/

No, it isn't giving incorrect information because neither Chip nor Raisin are banks. However, you'd be wrong to take away from that result that you could hold £85k in a Chip savings account provided by ClearBank AND have additional cover for money in Raisin's holding account provided by ClearBank. To be fully covered for the FSCS, your total balance across all accounts provided by ClearBank must not exceed £85k.

The situation is the same as if you held a large cash balance at two different investment providers who happened to use the same bank for their client money account. If you look up Barclays, it doesn't mention the fact that Hargreaves Lansdown and others will park cash there that would be considered part of the Barclays limit (ditto for HL's active savings account).

Doctor_Who

masonic said:

Doctor_Who said:

masonic said:

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

I've always used the MSE page to check if financial institutions are linked for FSCS protection - is this giving incorrect information regarding ClearBank? I have money with Chip and Raisin, presumably the FSCS limit would apply to money in the Raisin holding account (ClearBank) and Chip? I never keep money in the Raisin holding account for longer than necessary!

https://www.moneysavingexpert.com/savings/safe-savings/

No, it isn't giving incorrect information because neither Chip nor Raisin are banks. However, you'd be wrong to take away from that result that you could hold £85k in a Chip savings account provided by ClearBank AND have additional cover for money in Raisin's holding account provided by ClearBank. To be fully covered for the FSCS, your total balance across all accounts provided by ClearBank must not exceed £85k.

The situation is the same as if you held a large cash balance at two different investment providers who happened to use the same bank for their client money account. If you look up Barclays, it doesn't mention the fact that Hargreaves Lansdown and others will park cash there that would be considered part of the Barclays limit (ditto for HL's active savings account).

Thanks for that. Maybe time for MSE to create a new checker for all of these financial institutions (that often appear in the MSE 'best buy' tables) that are not banks themselves, but share a single underlying bank.