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FSCS Cover on Cash ISA >£85k Value
mattogier
Posts: 606 Forumite
I have been maxing out contributions on my cash ISA for a few years, the value is now approaching the FSCS cover limit of £85k. Should I consider opening another Cash ISA with an alternate banking group for future investments?
TIA
Matt
TIA
Matt
0
Comments
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If you want FSCS cover on the full amount then yes, you'd need to ensure you don't breach that limit with any single banking group/licence.1
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You might also want to consider if you need as much cash as that or whether investments (you've used the word but you're really taking about savings) are a better option for money you don't need short term.mattogier said:I have been maxing out contributions on my cash ISA for a few years, the value is now approaching the FSCS cover limit of £85k. Should I consider opening another Cash ISA with an alternate banking group for future investments?Remember the saying: if it looks too good to be true it almost certainly is.1
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