Do you have more than 85k in a savings account etc - then read this how to protect savings

diystarter7

Hello
I was reading a thread and some of the posts talked about the 85k protection per bank
They misunderstood how that works and it is NOT per bank but per licence,
As bank come undr pressure and a bank fail forst since 2008, time to read the links.

See below MSE article and if you are unsure/worried, give them a call ie you bank etc for peace of mind

• EDIT to add: Even the MSE link could be out of date overnight as saving institutions get taken over, merge etc, So call your savings bank etc if in doubt and ask them re the 85k safety net and who else thy share their licence with. So, if you have 85k or more and are worried or just want to be sure, call the bank etc and ask

===========================================================================================

The FSCS protects 100% of the first £85,000 you have saved, per financial institution (not per account)

• • Am I protected if my investment company goes bust?

  • 1.An institution is not the same as a bank – so check if your bank's linked to any others

  • 2.You get up to £170,000 protected in a joint account

  • 3.You can spread savings across multiple banking institutions to keep them safe

  • 4.Up to £1 million is protected in one institution for six months after life events, such as selling a property, getting an inheritance

  • 5.Not all banks offering savings accounts in the UK are protected by the FSCS

  
  

  There's no easy definition. Over the years, many banks have merged or been taken over, blurring the lines as to what counts. Technically, it's all about the company's registration at the regulator, the Financial Conduct Authority.

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

https://www.fscs.org.uk/industry-resources/deposit-protection-banks/

Thanks

RG2015

Thank goodness I have less than £85k so don’t need to read this.  

eskbanker

Seems pointless to start a thread by copy/pasting pretty much an entire MSE article to try to make a vague point about something posted elsewhere - if you want to challenge someone's alleged misunderstanding then why not do so (concisely!) on the thread concerned?

diystarter7

RG2015 said:

Thank goodness I have less than £85k so don’t need to read this.  

Hi

Thankfully many that  post here seemed to be loaded and as you work and save hard etc, most people stick with the one bank etc.

The main point of this thread was that people understaood the difference as posted on the failed bank thread that using 2/3 saving institutions thinking you are covered separately when you may NOT be when licencs are share

The link I posted gives good info

Thousands more read the threads than post and if anyone one finds this helpful, good and if not, I guess they won't post on it and just read and ignore

Thnaks

MalMonroe

This forum is starting to become like a school playground. If someone wants to post something they feel is helpful, what's the harm? Every forum member then has the choice to either read or ignore, as they think fit. The forum is supposed to be (according to the forum itself) "a friendly community of MoneySavers sharing our experiences and tips to help each other out".

diystarter7 - take no notice. You are kind and you mean well and for me, that's worth a lot.

P.S. I wish I had £85k. .  .  

RG2015

MalMonroe said:

This forum is starting to become like a school playground. If someone wants to post something they feel is helpful, what's the harm? Every forum member then has the choice to either read or ignore, as they think fit. The forum is supposed to be (according to the forum itself) "a friendly community of MoneySavers sharing our experiences and tips to help each other out".

diystarter7 - take no notice. You are kind and you mean well and for me, that's worth a lot.

P.S. I wish I had £85k. .  .  

I am sure the post was well intended, but by posting such a lengthy post it runs the risk of missing out many of those it was intended to help.

I believe a simple summary of the salient points would have been much more effective, and also posting a link to the main article for those who may wish to delve a bit deeper.

P1Fanatic

I'm also confused as to what the message is. Might be worth OP adding some more detail to the opening text above the MSE article.

eskbanker

MalMonroe said:

This forum is starting to become like a school playground. If someone wants to post something they feel is helpful, what's the harm? Every forum member then has the choice to either read or ignore, as they think fit. The forum is supposed to be (according to the forum itself) "a friendly community of MoneySavers sharing our experiences and tips to help each other out".

No idea where you're going with the school playground analogy but if your post was a swipe at mine then I make no apology for observing that if OP wanted to comment on something in another thread then doing so in that thread is the obvious place to do so!

diystarter7 said:

I was reading a thread and some of the posts talked about the 85k protection per bank
They misunderstood how that works...

Having chosen to start a new thread for this, reproducing the entire content of an MSE article is hardly a sensible way to make the (valid but simple) point that FSCS protection is in some cases shared between institutions.

MikeJXE

MalMonroe said:

This forum is starting to become like a school playground. If someone wants to post something they feel is helpful, what's the harm? Every forum member then has the choice to either read or ignore, as they think fit. The forum is supposed to be (according to the forum itself) "a friendly community of MoneySavers sharing our experiences and tips to help each other out".

diystarter7 - take no notice. You are kind and you mean well and for me, that's worth a lot.

P.S. I wish I had £85k. .  .  

I'm glad I don't have that much and I have a happy life.

My wealthy friend £600,000 + on the other hand is worried sick and dare not spend a penny 

They dress in jumpers as only have the heating on for 45 min twice a day

I never take my overcoat off it I visit 

Very unhappy with the situation 

RG2015

diystarter7

Thank you for amending you initial post.

Swipe

MikeJXE said:

MalMonroe said:

This forum is starting to become like a school playground. If someone wants to post something they feel is helpful, what's the harm? Every forum member then has the choice to either read or ignore, as they think fit. The forum is supposed to be (according to the forum itself) "a friendly community of MoneySavers sharing our experiences and tips to help each other out".

diystarter7 - take no notice. You are kind and you mean well and for me, that's worth a lot.

P.S. I wish I had £85k. .  .  

I'm glad I don't have that much and I have a happy life.

My wealthy friend £600,000 + on the other hand is worried sick and dare not spend a penny 

They dress in jumpers as only have the heating on for 45 min twice a day

I never take my overcoat off it I visit 

Very unhappy with the situation 

That's probably how they became and stayed wealthy