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50k savings
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beattiesman
Posts: 330 Forumite
have 50k savings all in one bank but in different accounts,i know £35000 is covered if the bank folds,anyone know if i would be covered seperately for each account ,or is it classed as one amount
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The £35k guarantee is per person per institution, not per account. As such, if all of those accounts are in your name only, then £15k of it is not covered by the compensation scheme.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
beattiesman wrote: »anyone know if i would be covered seperately for each account
Assuming it's not Northern Rock ..... the £35k is per institution / per account holder. So you can get up to £70k if it's held jointly .... but for the circumstances you appear to describe - you're only covered to £35k.
Suggested reading :-
http://www.moneysavingexpert.com/savings/safe-savingsIf you want to test the depth of the water .........don't use both feet !0 -
wait a few days before moving - it seems there is a chance the guarantee will be extended as part of the NR nationalisation bill0
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