Does The FSCS Cover Each Of My Halifax Accounts?

Foresty_Forest

I have a Halifax current account, a Halifax Web Saver account and a Halifax joint account (with my wife). As the FSCS protects up to £85000 in a bank account, would each of my Halifax accounts be simultaneously protected by the FSCS? Or do I literally need to have bank accounts with other banks?

pramsay13

Joint account limit is £170,000 
But if you have more than that in Halifax you literally need to have bank accounts with other banks.

dcs34

Foresty_Forest said:

As the FSCS protects up to £85000 in a bank account

No. FSCS protects up to £85,000 per Banking Institution. Note in the case of Halifax their £85,000 is shared with:

• AA (pre Oct 2015)
• Bank of Scotland
• Birmingham Midshires
• Halifax
• Intelligent Finance
• Saga (pre Oct 2019)
• St James Place Bank

Zanderman

Foresty_Forest said:

I have a Halifax current account, a Halifax Web Saver account and a Halifax joint account (with my wife). As the FSCS protects up to £85000 in a bank account, would each of my Halifax accounts be simultaneously protected by the FSCS? Or do I literally need to have bank accounts with other banks?

The FSCS protects up to £85000 per person per bank, not per bank account.  So if you have more than £85k in the Halifax you're not protected above the 85k.
The protection is doubled for joint accounts, so is £170k. 
You'll have to work out whether you're protected on that basis as you say you have two personal accounts plus a joint.  It depends on how much you have in them.

colsten

Zanderman said:

The protection is doubled for joint accounts, so is £170k. 

It's only doubled because there are two people involved.

The simplest to remember is that the maximum per person per financial institution is £85k.

To find out what counts as a financial institution, you can use the MSE checker you can find in https://www.moneysavingexpert.com/savings/safe-savings/, or you can search for it on the FCA website.