FSCS Protection

subjecttocontract

Can anyone explain how the FSCS scheme would work where a couple had a mixture of joint & individual accounts with one bank ?

Swipe

I would imagine the joint account totals would get divided by 2 and each person would get refunded up to £85K each depending on their holding across individual accounts

DullGreyGuy

What are your balances in the combination of each of your single holdings and separately your joint holding? 

You basically get £85k each, lets say you each had £85k in individuals plus a further £30k in a joint account I dont believe the rules are so prescriptive to say if you both just walk with your personal accounts being protected or you get £15k each from the joint and £70k from your individual. If anything it may be based on interest rates and special features (eg ISAs) which would most likely favour the individual accounts. 

subjecttocontract

We probably do need to move some accounts if we want to take advantage of the FSCS guarantee.
In round terms we have £49K & £86K held individually with another £56K jointly (total £191K) all with one particular bank.
There are some ISAs which can be moved shortly which will result in us being back within the FSCS limit.