Maximum Protected Savings linked to Offset Mortgage - £85k?

Inosense

Dear Moneysaving Friends,

Am I correct, the maximum protected amount in a savings account linked to an Offset Mortgage is £85,000? I am the sole person on the mortgage and linked savings account with provider - Scottish Widows.

Thank you!

TiVo_Lad

Yes, that's correct. See the Scottish Widows FAQ

Note that SW is a Member of the Lloyds Banking Group, so the £85K limit applies to your total savings across the LBG group, not just SW.

[Deleted User]

TiVo_Lad said:

Yes, that's correct. See the Scottish Widows FAQ

Note that SW is a Member of the Lloyds Banking Group, so the £85K limit applies to your total savings across the LBG group, not just SW.

@TiVo_Lad Your information is wrong.

Lloyds Banking Group is not a bank nor does it have membership of the FSCS.
Scottish Widows Bank is a trading name of Lloyds Bank plc and therefore shares it's FSCS limit.

Eco_Miser

[Deleted User] said:

TiVo_Lad said:

Yes, that's correct. See the Scottish Widows FAQ

Note that SW is a Member of the Lloyds Banking Group, so the £85K limit applies to your total savings across the LBG group, not just SW.

@TiVo_Lad Your information is wrong.

Lloyds Banking Group is not a bank nor does it have membership of the FSCS.
Scottish Widows Bank is a trading name of Lloyds Bank plc and therefore shares it's FSCS limit.

In particular, Halifax and Bank of Scotland are part of Lloyds Banking Group but share a different banking licence and FSCS cover from Lloyds Bank plc and those other brands listed above.