Are your savings safe? article discussion

SonOfPearl

It seems that the limit is going back up to £85k at the end of this month.

http://www.telegraph.co.uk/personal-banking/savings/two-weeks-savings-compensation-limit-jumps-85k/

Pincher

It's a Pyrrhic victory.

Assuming there are TWO ACCOUNTS, each with £75k, and they are both protected by FSCS. How much interest can you get?

There is also the possibility of further sterling depreciation.

skelly.backen

I am concerned about the security of my savings currently held with RCI bank (based in France). My understanding is that these are not covered by the UK FSCS £85,000 limit, but according to their website (rcibank.co.uk/security/guarantee-scheme) they are covered by the FDGR deposits guarantee scheme (limit up to 100,000 euros, which my savings fall below). Are my savings safe? Will Brexit affect the FDGR scheme? If so, should I be transferring my savings to a UK-based institution?

PeacefulWaters

skelly.backen wrote: »

I am concerned about the security of my savings currently held with RCI bank (based in France). My understanding is that these are not covered by the UK FSCS £85,000 limit, but according to their website (rcibank.co.uk/security/guarantee-scheme) they are covered by the FDGR deposits guarantee scheme (limit up to 100,000 euros, which my savings fall below). Are my savings safe? Will Brexit affect the FDGR scheme? If so, should I be transferring my savings to a UK-based institution?

Unless you have above the £90k mark (based on current exchange rate) or there's a further dramatic shift in exchange rate that means you have more than €100k I wouldn't be losing any sleep.

Review in a year when the Brexit situation may be clearer. Or wait for something better to come along in the interim.

badger09

PeacefulWaters wrote: »

Unless you have above the £90k mark (based on current exchange rate) or there's a further dramatic shift in exchange rate that means you have more than €100k I wouldn't be losing any sleep.

Review in a year when the Brexit situation may be clearer. Or wait for something better to come along in the interim.

Cue colsten with a different view;)

OP, many of us who were affected when the Icelandic banking crisis hit several years ago, would not trust our savings in a non FSCS protected scheme.

Cannonf

First time poster so apologise if this has been answered before, but to be honest I didn't want to go through 49 pages

About FCSC...
As far as I understand - this will protect only up to £85,000 of my savings if the bank I'm with goes belly-up/bankrupt
From the paperwork I've read it states it covers this amount 'for a single institute', which - and excuse my ignorance - would mean if I had more than £85,000 saved then I am only covered for that maximum amount. Anything more and that is 'lost'

But is this if the full amount is in one account or if it is split into,for example, A current account and a savings account with the same bank ?

I'm asking because I'm currently fortunate to have over £100,000 just sitting in a standard NatWest current account after closing many ISA's and other bank accounts that I rarely used, just to keep everything in one place (mainly because I had so much small amounts scattered in different places I lost track to where all my money was)

I was thinking of splitting this money up so that I have a small sum in the current account (where my wages are auto paid into) but the rest in a savings account with the same bank so that I know where all my 'ready cash' is in one place in case of emergencies etc but concerned IF NatWest DID go bankrupt would the FCSC only cover up to £85,000 of ALL the money I have/had with Natwest- being 'a single institute' ?

I've already got bonds/saving schemes set up with another company (done this many years ago) in preparation for retirement etc (I've still got a few years to go before that happens) but don't fancy going down that route again since I got confused over what I actually had after the company got 'taken over' (twice) over the years & we sort of lost contact apart from now I get a yearly letter/statement through the post, where before it was a personal advisor visit

Anyway, sorry for long post, which hopefully explains my concerns, and I hope someone can help explain (simply - I get confused easily) if ALL my money is covered even if splitting into current/saving accounts with same bank by the FCSC

Patr100

It's the same bank and institution in this case - Natwest so regardless of the type of account , savings or current account - your usual limit is still 85k.
(Unless you have joint accounts then they are treated as two separate accounts)
though there is also a temporary 6 months £1million for one-off "life events" cover. I very much doubt moving smaller amounts from other closed accounts will qualify you for this temporary extra cover.
You dont have to read this entire thread, you just have to read the summary here:
https://www.moneysavingexpert.com/savings/safe-savings/

murphydavid

85k per person per institution (not per account). (2*85k for a joint account). In the MSE article there is a tool to tell you which banks belong to the same institution. Ie if you have 85k in Halifax, Then any money you put in the Bank of Scotland will mean that amount is not protected.

PartickPatrick

Patr100 wrote: »

It's the same bank and institution in this case - Natwest so regardless of the type of account , savings or current account - your usual limit is still 85k.
(Unless you have joint accounts then they are treated as two separate accounts)
though there is also a temporary 6 months £1million for one-off "life events" cover. I very much doubt moving smaller amounts from other closed accounts will qualify you for this temporary extra cover.
You dont have to read this entire thread, you just have to read the summary here:

..........................................
Hi Newbie here. Please be gentle.

I have searched the safe savings guide and cannot find the tool which tells you which banks are linked for FSCS purposes. I'm thinking of investing some cash with Masthaven and would like to be assured that they are not linked.

Thanks

ColdIron

Which? have a cross reference. Masthaven does not share a licence
https://www.which.co.uk/money/savings-and-isas/savings-accounts/protecting-your-savings/who-owns-who-in-the-savings-market-ad2y68s5us0d