Are your savings safe? article discussion

Mr_Friendly

Hey folks I have a question.
My wife runs a small business and has a small amount of savings in her business account (in a UK bank). The account has less than £10k in the bank.

Does anyone know if this is covered under the FSCS rules given that it is a business account and not a personal savings account?

Recoil101

Ok so i read the article and browsed the forum posts. I'm now clear on where I sit with regards to risk with my savings accounts, and also my cash based ISAs.

What I would like clarification on please, is Stocks & Shares based ISAs (If my provider is ALSO the provider for my savings, is the compensation for these separate to my FSCS compensation or are they somehow linked??))

Also whatabout PEPs?? If, again, it's the same provider as for my savings, cash based ISA, stocks & shares ISA AND PEPs, then what is my position??

Many thanks,
Recoil101

YorkshireBoy

Recoil101 wrote: »

...<snip>...

http://www.fscs.org.uk/consumer/FAQs/

rajajang

thanks guys i found the right forum

i have got saving with hbos of £120k, what shall i do it, shall i draw it out and put somewhere else or shall i leave it for this merger going to happen. and this merger will benefits me anything or its straight merger.

thanks

Heinz

rajajang wrote: »

thanks guys i found the right forum

i have got saving with hbos of £120k, what shall i do it, shall i draw it out and put somewhere else or shall i leave it for this merger going to happen. and this merger will benefits me anything or its straight merger.

Spread it around - no more than £35k in any one group.

dunstonh

Stocks and share ISAs have a different FSCS protection. However, that is irrelevent really as most people have unit trust funds in their ISAs or direct holdings. So, the protection isnt needed.

SouthCoast

What happens if The Government decides that in the National Interest it will only support UK based financial institutions?

dunstonh

SouthCoast wrote: »

What happens if The Government decides that in the National Interest it will only support UK based financial institutions?

What happens if the sun doesnt rise tomorrow?

JR60

First time on forum so hope this works? Regarding the £35,000 'safe money', if married but MR has one account and MRS has a different account in the same institution (no joint accounts), can that insitution claim that the savings of MR should be offset against the mortgage owing by MRS? ie: MRS owes £35K on a mortgage (nothing saved), MR has £35K saved (both accounts are different but with the same insitution). How does the FSCS see this? And before you say it, it's not as simple as using the savings to pay off the mortgage!

tradetime

dunstonh wrote: »

What happens if the sun doesnt rise tomorrow?

Easy one, it'll stay dark?