Quick Question - Savings Protection

planemad

I have an ICESAVE account, I have just under £40k all together some in a fixed bond, some in the easy access account and some in an ISA (all with the one institution ICESAVE)
The account is in my sole name and I understand I'm protected for 100% of 35k.

If I add my wife to the accounts does that go up to 70k?

If not can I open my wife a complete separate account so so that we are both covered for 35k.


Cheers

YorkshireBoy

planemad wrote: »

If I add my wife to the accounts does that go up to 70k?

Yes.

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/
(FAQ No 1)

Steve_xx

In short, the answers to your question are yes, yes and yes!

Mikeyorks

planemad wrote: »

If not can I open my wife a complete separate account so so that we are both covered for 35k.

Apologies to Yorkshireboy / Steve-xx ..... but I don't think it's quite that clear cut?

Planemad ... as quote above .... it doesn't quite work like that. If you open a single account for your wife ... she's only protected for the sum in that account or £35k ... whichever is the less. You don't automatically get 'double indemnity' .. you have to arrange the funds to ensure you do.

With 'just under £40k' it's superficially going to be easy enough to organise (her name on a, now, joint account with at least £10k in it?) ... one suspects? BUT .... the ISA can't be made joint (individual ownership only) .. and I doubt they will make the fixed bond joint .. you're normally stuck with precisely how you opened it.

So your extra protection perhaps depends on the easy access account. If over £10k - make it joint .... otherwise translate it into her sole name. But it then needs to have that £5k - you are over the £35k - to ensure you're fully covered.

sloughflint

Is it really 100% for the full 35k? I thought only the first 2k then 90% for the rest.

Mikeyorks

sloughflint wrote: »

Is it really 100% for the full 35k?

Yes - amended in Oct 2007 as a consequence of the start of the NR problem (look at the FSCS link provided above - the italics at the end of the first FAQ)

YorkshireBoy

Mikeyorks wrote: »

Apologies to Yorkshireboy / Steve-xx ..... but I don't think it's quite that clear cut?

You're quite correct Mike, my reply was a little lazy.

I assumed the OP would realise that any 'tweaking' would have to be done initially on the easy access account and then by the opening of another sole account in the wife's name.