Ulsterbank - Natwest - Trading 212 - FSCS

[Deleted User]

A bit of advice please I have savings with Ulsterbank , Isa with Trading 212 and my business account with Natwest , the funds in total in these accounts amount to over the FSCS protection.

I have read that Ulsterbank and Trading 212  are all linked to Natwest  , is this correct ?  If something was to happen would they be classed as separate accounts or just under Natwest so only covered to 85k .

eskbanker

Ulster Bank is a subsidiary of NatWest and shares its banking licence for FSCS purposes.  Trading 212 is an independent entity but does use banks, including NatWest, for cash deposits - has it stated that this is where your money is?  Does your NatWest account relate to a sole trader business or a limited company?

[Deleted User]

eskbanker said:

Ulster Bank is a subsidiary of NatWest and shares its banking licence for FSCS purposes.  Trading 212 is an independent entity but does use banks, including NatWest, for cash deposits - has it stated that this is where your money is?  Does your NatWest account relate to a sole trader business or a limited company?

Thanks , the Natwest account holds my sole traders business account and my help to buy isa .. Cant see where trading 212 is holding the funds  - is there anyway to find out ?

eskbanker

[Deleted User] said:
Cant see where trading 212 is holding the funds  - is there anyway to find out ?

I don't have an account with them myself so can't advise on navigation, etc, but presume that you can ask them?  Having said that, they may reserve the right to move funds around so may not be committing that the money will stay wherever it happens to be just now....

gravel_2

[Deleted User] said:

eskbanker said:

Ulster Bank is a subsidiary of NatWest and shares its banking licence for FSCS purposes.  Trading 212 is an independent entity but does use banks, including NatWest, for cash deposits - has it stated that this is where your money is?  Does your NatWest account relate to a sole trader business or a limited company?

Thanks , the Natwest account holds my sole traders business account and my help to buy isa .. Cant see where trading 212 is holding the funds  - is there anyway to find out ?

In the Cash ISA click the piggy bank icon and it will tell you where your money is, and in what proportion.
In the S&S ISA click the menu icon and then "Interest on cash". Same result.

My cash ISA is 46.33% in Natwest.

[Deleted User]

gravel_2 said:

[Deleted User] said:

eskbanker said:

Ulster Bank is a subsidiary of NatWest and shares its banking licence for FSCS purposes.  Trading 212 is an independent entity but does use banks, including NatWest, for cash deposits - has it stated that this is where your money is?  Does your NatWest account relate to a sole trader business or a limited company?

Thanks , the Natwest account holds my sole traders business account and my help to buy isa .. Cant see where trading 212 is holding the funds  - is there anyway to find out ?

In the Cash ISA click the piggy bank icon and it will tell you where your money is, and in what proportion.
In the S&S ISA click the menu icon and then "Interest on cash". Same result.

My cash ISA is 46.33% in Natwest.

Thanks , 46% is being held with natwest which in total with the ulster over the 85k... is it best to move funds from the ulster bank into another savings account just to be safe ?

eskbanker

[Deleted User] said:
Thanks , 46% is being held with natwest which in total with the ulster over the 85k... is it best to move funds from the ulster bank into another savings account just to be safe ?

The aggregate protection over those accounts is £85K in total so anything above that wouldn't have FSCS cover, and therefore if you want safety then you'd need to move the excess elsewhere.

[Deleted User]

eskbanker said:

[Deleted User] said:
Thanks , 46% is being held with natwest which in total with the ulster over the 85k... is it best to move funds from the ulster bank into another savings account just to be safe ?

The aggregate protection over those accounts is £85K in total so anything above that wouldn't have FSCS cover, and therefore if you want safety then you'd need to move the excess elsewhere.

Thanks will get it sorted asap ..