Savings

gwendar
gwendar Posts: 3
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edited 11 December 2023 at 10:44AM in Savings & investments
I know you can only safely have £85k savings safe if the bank got in trouble but how do we know which banks are linked together if you have more to save and want it protected. Sorry not very good and explaining my thoughts but hope you understand what my problem is

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  • Muttleythefrog
    Muttleythefrog Posts: 19,691
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    edited 8 December 2023 at 3:55PM
    Hopefully this can be moved to a more suitable board... perhaps Savings & Investments? The FCA website should have this info but I'm actually struggling to see it in any user friendly form. Presumably all account providers will say (sometimes in small writing) where their deposits are held which may help. Otherwise a general search might do for the main banks who are linked. I'm sure though in a better section of MSE this will get good answers so I'll report it purely to be moved.
    "Do not attribute to conspiracy what can adequately be explained by incompetence" - rogerblack
  • Alice_Holt
    Alice_Holt Posts: 5,857
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    edited 8 December 2023 at 3:58PM
    gwendar said:
    I know you can only safely have £85k savings safe if the bank got in trouble but how do we know which banks are linked together if you have more to save and want it protected. Sorry not very good and explaining my thoughts but hope you understand what my problem is
         See: https://www.moneysavingexpert.com/savings/safe-savings/

       The 'Which banks are linked' section
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
  • Muttleythefrog
    Muttleythefrog Posts: 19,691
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    gwendar said:
    I know you can only safely have £85k savings safe if the bank got in trouble but how do we know which banks are linked together if you have more to save and want it protected. Sorry not very good and explaining my thoughts but hope you understand what my problem is
         See: https://www.moneysavingexpert.com/savings/safe-savings/

       The 'Which banks are linked' section
    Magic... thanks.... very useful.
    "Do not attribute to conspiracy what can adequately be explained by incompetence" - rogerblack
  • kaMelo
    kaMelo Posts: 2,290
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    gwendar said:
    I know you can only safely have £85k savings safe if the bank got in trouble but how do we know which banks are linked together if you have more to save and want it protected. Sorry not very good and explaining my thoughts but hope you understand what my problem is

    When you open any account (and at random intervals afterwards) they supply an FSCS information sheet which contains all the information about all their linked brand names that make up that financial institution.
  • gwendar said:
    I know you can only safely have £85k savings safe if the bank got in trouble but how do we know which banks are linked together if you have more to save and want it protected. Sorry not very good and explaining my thoughts but hope you understand what my problem is
    Get the 85k out of your head.
    Yes it sound great does it not.
    Stick 85k in a 5 year fixed at 5% and interest paid away each year.
    Sweet £4,250 interest.
    O dear 85k + 4.5k = £89.5k.
    If they go under you loose 4.5k.
    Think about it.

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