Investing more than £35k???

ncooper1974

Hi
I would like to invest a large sum of money, but in light of the recent events with Northen Rock, I worried about putting more than £35k into any single institution.
Is there anyway I can invest more than this amount and still get protection, or do I just have to spread the risk with more than 1 instituion.
Things would be a lot easier if I could just put say £100k into an account, but I want to make sure that if anything happened to the bank then my money would be safe.

Browntrout_2

http://www.fscs.org.uk/consumer/how_to_claim/deposits/

From 1 October 2007, FSCS can pay compensation for financial loss of up to £35,000 for deposit claims (which is 100% of the first £35,000) if a deposit-taking firm (such as a bank or building society) is unable to pay back deposits it owes to its members.

What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

We have received some enquiries about how we would apply the compensation limits to people who hold multiple accounts in banks that are part of a larger group such as Halifax Bank of Scotland. If each of the banks is separately authorised by the Financial Services Authority:

• FSCS would pay compensation up to the limit of £35,000 per person, per authorised institution.

If each of the banks is not separately authorised but is covered by the parent company's authorisation:

• FSCS would pay compensation up to the limit of £35,000 once, irrespective of how many different institutions a person held accounts with.

If you have a question about how a bank or building society is authorised, please contact the Financial Services Authority Consumer Contact Centre on 0845 606 1234.

http://www.moneymadeclear.fsa.gov.uk/home.html

Savings and investments

Savings tend to be for short-term goals or when you need to get at your money quickly (for example, a holiday, birthdays, Christmas or an emergency such as replacing a household item). You usually put your money into a savings account where it earns interest, without the risk of losing it (short of a bank, building society or credit union collapse). You can also save with some supermarkets, local shops or informal Christmas savings schemes, for example, using saving cards or schemes where you save for vouchers but, be aware that if things go wrong and the saving scheme collapses, you may lose your money. For more information see Savings.

Investing is for the longer-term – if you’re willing to tie up your money and take some risk, (have a short-term loss in order to have the opportunity to make a long-term gain) to get a better return. For more information see Investments.

barak

ncooper1974 wrote: »

Is there anyway I can invest more than this amount [35k] and still get protection,...

As has been said before, the simplest answer for cash is Northern Rock, as it has the Government guarantee.

The Tracker Online is paying BOE + 0.75% [= 6.00% Gross/AER currently] for the first 12 months.