Trading212 (and other similar) ISA protected amounts above 85k?

Midnight_Tboy

Hi,

So I was just pondering this, no doubt it has been answered somewhere though.

I understand that there generally is up to £85000 protection per person per bank should a bank go under

But what is the case for something like Trading212, where they spread out your money across several banks for some reason (eg mine is about 35% in Barclays, 55% Natwest etc.

Does that mean that in theory, my account could have double the amount of protection, so long as the total value per bank showing in it is below 85k?

masonic

Only in the case that one or more of those banks go bust. Whereas if T212 goes bust, and your money is found to be missing from the partner banks, your claim would be limited to £85k.

friolento

You also have no idea how, and for how long, T212 will divvy up your money, and you cannot influence the distribution amounts.

In addition, T212 has no visibility of any other amounts you might hold with a given bank, either through direct deposits or deposits by other compnaies who have similar arrangements with that bank.

It's not an issue if your total savings and investments are up to £85k but above this amount, you could be in hot water.