FSCS

subjecttocontract

We know the FSCS limits are £85K for individuals & £170K for joint accounts but what would a person receive from the FSCS if they had a combination of single & joint accounts with one bank ? For example......let's say a couple had £100K in total in a joint account + £50K each in individual accounts with the same bank. What could they each expect ?

kaMelo

However many accounts you hold there are not relevant, those limits are a total per institution

DullGreyGuy

£170k total protection still... how that would be divided between the accounts you'd either need to dig into the depths of the rules or accept its one of those things that they'll decide at the point they have to (remembering that several classes of business has never actually gone through FSCS and so whilst the guarantee is clear the operational aspects aren't) 

subjecttocontract

Just checked online with FSCS and the answer is that the limit is £85K max per individual per institution.

Brie

And don't forget that it's £85k for each banking group not just a named bank.  So £85k in total for NatWest AND RBS as they are the same banking group.  

ColdIron

It's not per banking group, it's per licence. Within Lloyds Banking Group, Lloyds Bank and BoS/Halifax have separate licenses and protection

wmb194

Brie said:

And don't forget that it's £85k for each banking group not just a named bank.  So £85k in total for NatWest AND RBS as they are the same banking group.  

No, per licence. NatWest and RBS are each covered by separate licences.

From MSE's article on FCSC coverage:

"NatWest, Royal Bank of Scotland (RBS) and Ulster Bank are all part of the NatWest Banking Group, but only NatWest and Ulster Bank share protection – RBS has its own, separate protection."

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

This Bank of England document is from 2021 but it gives the idea and is probably largely still correct:

https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2021/list-of-banking-brands-june-2021.pdf

Bigwheels1111

As usaul people get fixated on £170,000 or £85,000 protection.

What about interest.

Save 85k great, bank goes under.

Metro offer 5.91%, on 85k that would be £5023.50 interest at risk.

80k at 5.91% = £84,728.

80k would be my limit to add to one account with any bank.

Barkin

Bigwheels1111 said:

As usaul people get fixated on £170,000 or £85,000 protection.

Erm... because that's what's protected? 

boingy

I've said it in another thread but I do think that the protection should be per brand name rather than per licence. Customers shouldn't have to research whether banks are in the same group and whether that group has more than one licence.

Bigwheels1111

Barkin said:

Bigwheels1111 said:

As usaul people get fixated on £170,000 or £85,000 protection.

Erm... because that's what's protected? 

Thanks for that very helpful comment. Maybe you could afford to loose that much interest.

Would you like to know your money plus interest is covered and take appropriate action.