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Double "protection" for joint acccounts??
MimiJane
Posts: 7,989 Forumite
Hi all,
This has probably been asked many times before, but can anyone advise if the £35k "safety" limit for bank accounts is doubled if you have a joint account?
Many thanks,
Mimi
This has probably been asked many times before, but can anyone advise if the £35k "safety" limit for bank accounts is doubled if you have a joint account?
Many thanks,
Mimi
Wins since 2009 = £17,600
MANY THANKS TO ALL OPS
0
Comments
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Yes, it is.I consider myself to be a male feminist. Is that allowed?0
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The limit is per person, per institution. For a joint account the balance is split between the account holders and added to any other accounts each one has. So if one had an individual account with 50k in it at the same bank, their portion of the joint account balance wouldn't be protected at all. If none of the holders has another account then the joint balance would get the sum of the limits for all of the holders.0
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