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Shawbrook bank

AskAsk · 2022-08-10 10:12:22

I already have a fixed savings account with the bank for 85k. I have opened an instant access savings account and want to put in 85k into the account. This means I would have more than the protected amount with the bank. What is your opinion on how safe this bank is to do this? Am I taking unecessary risks? I already have…

Comments

InvesterJones Posts: 1,508 Forumite

12 August 2022 at 10:02AM edited 12 August 2022 at 10:05AM

Troytempest said:

My recollection of IceSave is that it was handled by the Financial Services Compensation Scheme and that savers were given 2 options - an immediate refund or hold on for the full duration of the original investment and that interest was paid.

Yep - IceSave is a poor example if trying to show the importance of staying with the FSCS £85k limit - IceSave was outside of such protection, yet savers still got their money back in full.

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