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How quickly would my club get its money back?
Theo61
Posts: 3 Newbie
We keep £20k in Redwood Bank 35day deposit. If it were to go bust how soon would the FSCS work to give us the money back?
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Comments
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The most likely outcome is a takeover where your services would be largely uninterrupted. If the FSCS really was needed, the payout should be made quite quickly, the aim is 10 working days, for a margin of safety I'd recommend available cash elsewhere to cover a month if feasible. Though that really would be a belt and braces approach and more likely to be called upon for technical difficulties than bank failure.
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FSCS aims to pay compensation within 7 days of a bank or building society failing. More complex cases will take longer.
https://www.fscs.org.uk/what-we-cover/banks-building-societies/
Life in the slow lane1
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