FSCS Proctection

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man5
man5 Posts: 22 Forumite
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in Savings & investments
For joint accounts the max protection is £170000 per bank?
If I have more than one joint account with the same bank are all the accounts protected or just one.

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  • Linton
    Linton Posts: 17,216 Forumite
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    edited 10 May 2018 at 7:19AM
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    It is the total amount of money that is taken into account. If your money is lost because a banking company goes bust and is unable to pay you from its own resources FSCS will pay you up to £85K no matter how the money is split in your accounts.

    Note that some banking companies own different brands that may or may not be separately registered with FSCS. So although Halifax and Lloyds are owned by the same company each is protected up to £85K whereas Clydesdale and Yorkshire are regarded as being the same bank.
  • antrobus
    antrobus Posts: 17,386 Forumite
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    Linton wrote: »
    ...

    Note that some banking companies own different brands that may or may not be separately registered with FSCS. So although Halifax and Lloyds are owned by the same company each is protected up to £85K whereas Clydesdale and Yorkshire are regarded as being the same bank.

    It's not a question of 'regarded' more of fact; Yorkshire Bank is a trading name of Clydesdale Bank PLC. Halifax is a trading name of the Bank of Scotland PLC, The Bank of Scotland is a subsidiary of the Lloyds Banking Group, as is Lloyds Bank Bank PLC, thus Lloyds and BoS have their own banking licences.

    And it's not a question of registering with FSCS, it's a question of authorisation by the Prudential Regulation Authority (and thus regulation by the Financial Conduct Authority). It's the PRA that hands out banking licences.

    People therefore simply need to check the status of the 'brand' that holds their money. It's usually disclosed at the bottom of the webpage or in the About Us section.
  • Keep_pedalling
    Keep_pedalling Posts: 16,701 Forumite
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    Sounds like you are sitting on far to much cash.
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
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    antrobus wrote: »
    People therefore simply need to check the status of the 'brand' that holds their money. It's usually disclosed at the bottom of the webpage or in the About Us section.

    The brands covered together are stated in the institution's FSCS information sheet that you are required to have read when opening an account and periodically sent while remaining a customer.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • man5
    man5 Posts: 22 Forumite
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    It is Investec bank I am considering.
  • the_mandarin
    the_mandarin Posts: 108 Forumite
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    I found this on the Investec website

    https://www.investec.com/content/dam/united-kingkom/Downloads-and-documents/private-banking/FSCS-Information-and-Exclusions.pdf

    They have not mentioned any sister concerns that come under their "umbrella" so they may not have any.
  • the_mandarin
    the_mandarin Posts: 108 Forumite
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    antrobus wrote: »
    It's usually disclosed at the bottom of the webpage or in the About Us section.

    I would have thought so, but it was surprisingly difficult to find. There is no "About Us" link on their website, and even their FSCS information is not easily available. The link that I posted above was found under their Fixed Deposit schemes section

    https://www.investec.com/en_gb/savings-accounts/access-after-a-fixed-term.html
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