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  • FIRST POST
    • congokeith
    • By congokeith 10th Apr 18, 6:22 PM
    • 2Posts
    • 0Thanks
    congokeith
    ISA above compensation limit
    • #1
    • 10th Apr 18, 6:22 PM
    ISA above compensation limit 10th Apr 18 at 6:22 PM
    I had several isa s mature last year which were rolled up into one totalling 100 K which will mature in May
    I will subscribe another 20 K for the year 18/19
    with the compensation limit at 85 K and my balance this year rising to 120 this year I'm beginning to feel a little bit exposed
    I need to keep as much in isa s tax-free to shield from other taxes as rates hopefully rise in years to come .
    How can I end up with the balance split between 2 or 3 isa s below the 85 limit with different institutions
    I'm sure it's doable but I just can't get my head round it at the moment
    !!!12288;
Page 1
    • AirlieBird
    • By AirlieBird 10th Apr 18, 7:43 PM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    • #2
    • 10th Apr 18, 7:43 PM
    • #2
    • 10th Apr 18, 7:43 PM
    Choose which ISAs you want and for then for each request a partial transfer of the amount you want to transfer from the matured ISA.
    • jimjames
    • By jimjames 10th Apr 18, 7:56 PM
    • 12,746 Posts
    • 11,432 Thanks
    jimjames
    • #3
    • 10th Apr 18, 7:56 PM
    • #3
    • 10th Apr 18, 7:56 PM
    Also think about whether you need to hold so much in cash, you could split between cash and S&S ISAs to improve returns - but with different risk. Splitting means your cash balance would be below the threshold and S&S ISAs have a separate limit
    Remember the saying: if it looks too good to be true it almost certainly is.
    • 1krwall
    • By 1krwall 20th Apr 18, 10:36 AM
    • 1 Posts
    • 0 Thanks
    1krwall
    • #4
    • 20th Apr 18, 10:36 AM
    Lloyds & Halifax
    • #4
    • 20th Apr 18, 10:36 AM
    I too have a question about compensation limits.


    I have ISA's and the one with Lloyds is close to 40k so with a bit of growth (over say 5 years) it will get to the compensation limit of 50k (so I understand) for investments.


    I then looked at iweb for this years ISA and saw that they are part of Halifax which are also part of Lloyds, so I am concerned any investment will be added to the Llyods direct ISA value for the purposes of maximum protection should Lloyds Group go under.


    Am I correct?
    • Owain Moneysaver
    • By Owain Moneysaver 20th Apr 18, 11:36 AM
    • 8,536 Posts
    • 9,674 Thanks
    Owain Moneysaver
    • #5
    • 20th Apr 18, 11:36 AM
    • #5
    • 20th Apr 18, 11:36 AM
    It depends on the banking licence they operate under. Some brands can be split across different licences depending on the product.

    Lloyds Bank plc includes: Lloyds Bank, Lloyds Bank Private Banking, C&G Savings, Worldwide Service (and others)
    https://www.lloydsbank.com/legal/financial-services-compensation-scheme.asp
    https://www.fscs.org.uk/what-we-cover/products/banks-building-societies/lloyds/

    Halifax operates under the banking authorisation of Bank of Scotland plc, includes: Halifax, Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Lloyds Bank (in The Netherlands only), Bank of Wales and St. James's Place Bank.
    https://www.fscs.org.uk/what-we-cover/products/banks-building-societies/halifax/
    https://www.bankofscotland.co.uk/fscs/

    Iweb's FSCS limit applies across: IWeb Share Dealing, Halifax Share Dealing, Lloyds Bank Direct Investments, Bank of Scotland Share Dealing.
    http://www.iweb-sharedealing.co.uk/about-iweb/financial-services-compensation-scheme.asp

    Each bank should have an FSCS Information Sheet which details which licence and which brands and products are used.
    A kind word lasts a minute, a skelped erse is sair for a day.
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