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£85K FSCS compensation limit
SickGroove
Posts: 326 Forumite
Good morning,
Pretty sure I know the answer is max £85K in total for all kinds of savings products but just wanted clarification...
I've just transferred £79K Cash ISA from Paragon Bank into Shawbrook Bank.
However, I've also got a £30K 6 month fix with Shawbrook Bank maturing next month & have just been offered their 4.5% 1 year fixed rate bond to remain with them.
Obviously, this would take me over the £85K protection limit (which I appreciate I'm already over atm anyway)
My question is are Cash ISAs & fixed rate bonds protected differently or does the £85K protection still relate to all money held in one bank?
Would obviously just be easier to accept the new one year fixed rate from Shawbrook Bank, rather than move it elsewhere...
Cheers
Pretty sure I know the answer is max £85K in total for all kinds of savings products but just wanted clarification...
I've just transferred £79K Cash ISA from Paragon Bank into Shawbrook Bank.
However, I've also got a £30K 6 month fix with Shawbrook Bank maturing next month & have just been offered their 4.5% 1 year fixed rate bond to remain with them.
Obviously, this would take me over the £85K protection limit (which I appreciate I'm already over atm anyway)
My question is are Cash ISAs & fixed rate bonds protected differently or does the £85K protection still relate to all money held in one bank?
Would obviously just be easier to accept the new one year fixed rate from Shawbrook Bank, rather than move it elsewhere...
Cheers
0
Comments
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My question is are Cash ISAs & fixed rate bonds protected differently or does the £85K protection still relate to all money held in one bank?Cash ISAs are deposits.
Fixed Term Deposits are deposits.
Both get assessed under the deposit side of the FSCS.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
My question is are Cash ISAs & fixed rate bonds protected differently No or does the £85K protection still relate to all money held in one bank? Yes
Answers in bold
1
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