Are your savings safe? article discussion

innovate

Not sure what you are trying to get at with your questions - nothing has changed about the FSCS guarantee in years, and the FSCS guarantee applies to the Coop bank.

CE901350

Having read a few repotrts about £85K limits on protected bank accounts, does this also apply to stocks and shares NISA'a with a an online investment account such as iii??
I asked the same question to iii themselves and they were far to vague.
Any help would be much appreciated.
Thanks
CE

dunstonh

does this also apply to stocks and shares NISA'a with a an online investment account such as iii??

No. The deposits protection scheme only applies to deposits. However, there is an investments protection scheme that exists (detailed on the FSCS website).

Some investment platforms operate a cash account and that particular part will usually fall under the deposits protection scheme, However, certain tax wrappers may not. e.g. pension or onshore/offshore bonds.

[Deleted User]

Hello
I've been wondering what the impact will be for banks such as Natwest if Scotland do vote to leave the Union.

I have not heard anything about Scotland setting up a FSCS esque backing service.

I assume that the UK FSCS would cover people until 2016 or when Scotland officially left, if it ends up happening?

Thoughts anyone?

Cheers
Matt

In_For_A_Penny_2

Deleted_User wrote: »

Hello
I've been wondering what the impact will be for banks such as Natwest if Scotland do vote to leave the Union.

I have not heard anything about Scotland setting up a FSCS esque backing service.

I assume that the UK FSCS would cover people until 2016 or when Scotland officially left, if it ends up happening?

Thoughts anyone?

Cheers
Matt

There have been a few threads on this recently.

http://forums.moneysavingexpert.com/showthread.php?t=5056143

http://forums.moneysavingexpert.com/showthread.php?t=5057063

I'd say your assumption is correct. After 2016 is anyones guess.

SparklesJD

Credit unions are also regulated by the FCA and PRA and, as they are limited to holding £15,000 per person, all your money is covered.

There is no mention of this in the article, could it be added when the article is updated please?

Archi_Bald

SparklesJD wrote: »

Credit unions are also regulated by the FCA and PRA and, as they are limited to holding £15,000 per person, all your money is covered.

It is news to me that CUs can only hold £15K per person. Have you got any link to the respective regulator page please?

EDITE: FSCS say they pay up to £85K for CUs, just as I expected.

More about Credit Union Compensation Limits
The maximum level of compensation for credit union claims is £85,000 per person per firm (for claims against firms declared in default from 31 December 2010).

http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/deposit-limits/

murphydavid

Hope this is the correct place to post.
In the event of a Scotland becoming an indipendant country after Thursday I would be greatful if the very useful "Is my bank linked" tool could include a note as to which country owns (registers) each institution.

Just a thought. I presume Martin is English and also this site so that tool would, in the event, treat Scotish banks the same way it does all foriegn owned banks at the moment.

SparklesJD

Archi_Bald wrote: »

It is news to me that CUs can only hold £15K per person. Have you got any link to the respective regulator page please?

EDITE: FSCS say they pay up to £85K for CUs, just as I expected.

http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/deposit-limits/

I don't think that the FSCS is concerned with what you could save, more that what you do save is protected up to the limit of the programme.

It's here though - http://fshandbook.info/FS/html/handbook/CREDS/4/2

RaspberryFool

The article does not appear to address the question of how much protection is offered to accounts that were opened BEFORE the limit was changed but where the provider went bust AFTER the limit changed. Customers with, for example, fixed rate bonds cannot simply transfer out of their existing provider to ensure that they stay under the limit. If they took out an account with the certainty that £85k would be protected but now find that only £75k is protected, they would feel like they had been robbed by the government if the worse happened. (Makes a change I suppose.)
RF