Double "protection" for joint acccounts??

MimiJane

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

surreysaver

Yes, it is.

jamesd

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.