Savings

gwendar

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

Muttleythefrog

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.

Alice_Holt

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

Muttleythefrog

Alice_Holt said:

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.

kaMelo

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.

Bigwheels1111

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.