If I had more than £85 k in different accounts would I be protected by fcsc. Thanks

Can I have say 2 different account with £85 k in each covered by the fcsc rules
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  • masonic
    masonic Posts: 22,909
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    It depends whether those accounts are provided under the same banking licence or not.
  • Brie
    Brie Posts: 9,345
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    If they are in unrelated banks then yes. 

    So £85k total if you have an account with RBS and another with NatWest.

    £170k total if you have £85k with NatWest and £85k with Barclays.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • ColdIron
    ColdIron Posts: 8,682
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    If both accounts are held by organisations with separate banking licences then yes
    If you mean 2 accounts with the same bank then no
  • wmb194
    wmb194 Posts: 3,129
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    edited 7 October 2023 at 12:15PM
    Fofozuzu said:
    Can I have say 2 different account with £85 k in each covered by the fcsc rules
    With different bank license holders, yes. E.g., one* account with Lloyds and another with HSBC.

    Two accounts holding £85k with the same bank or same licence holder, no. E.g., two accounts with HSBC or an account with HSBC and and an account with First Direct (they share the same licence).

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

    *Or more, up to a total of £85k per person or more under temporary higher cover.

  • Fofozuzu
    Fofozuzu Posts: 62
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    Thanks for quick reply and help, one with bank of Scotland and one with Oaknorth .
  • wmb194
    wmb194 Posts: 3,129
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    Fofozuzu said:
    Thanks for quick reply and help, one with bank of Scotland and one with Oaknorth .
    That would be fine, they're not related to one another.
  • EarthBoy
    EarthBoy Posts: 3,024
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    Brie said:
    If they are in unrelated banks then yes. 

    So £85k total if you have an account with RBS and another with NatWest.

    £170k total if you have £85k with NatWest and £85k with Barclays.
    RBS and NatWest are part of the same group, but they have separate banking licences, so you will be covered up to £85,000 in each bank. 
  • Fofozuzu
    Fofozuzu Posts: 62
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    Thanks all for your help, it clarified the issue.bye
  • Don't forget joint accounts are covered up to £170,000.
  • Bigwheels1111
    Bigwheels1111 Posts: 2,256
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    I wish people would look at the 85k protection and work out the figures for them self.
    If just in a bank 85k is fine.

    If you have 85k in a savings account the 85k is safe, what about your interest.
    At 5% you are risking £4250 a year.
    If compounded over 5 year that’s over 22k at risk.


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