FCSC Cover

telreed2000

If I have a £20,000 Fixed Rate Cash ISA and £80,000 in my currnet account, both with the same bank, are both amounts covered by the FCSC seperately, or is it just £85,000 in total that is covered?

masonic

You can claim a maximum of £85k per licenced bank that fails.

mebu60

You might want to consider opening an easy access account with another provider and putting some of that £80k in there to avoid the FSCS limit risk and earn some interest on the funds. By 'some' I mean a decent amount unless you have an immediate need for a high volume of cash in your current account. 

mebu60

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jimjames

Total £85k but unless it's a current account paying interest that's a huge amount you're losing out per month by having it in a current account not savings, probably £300+ per month.

telreed2000

So, as I thought the £85,000 protection covers all different types of accounts/products held in one bank in total - not per account type in one bank

Beddie

telreed2000 said:

So, as I thought the £85,000 protection covers all different types of accounts/products held in one bank in total - not per account type in one bank

You are correct!

wjr4

It’s FSCS by the way… 

phlebas192

telreed2000 said:

If I have a £20,000 Fixed Rate Cash ISA and £80,000 in my currnet account, both with the same bank, are both amounts covered by the FCSC seperately, or is it just £85,000 in total that is covered?

If you are only expecting to have the high CA balance for a short while then it might be covered by the FSCS Temporary High Balance rules which covers up to £1m for up to 6 months. This applies to certain events such as selling your main home, inheritance, redundancy, etc. I can't post links yet, so google "fscs temporary high balance".