Most people are aware that cash deposits in UK banking institutions are protected up to £85,000 in each account (£170,000, if a joint account). This is through the Financial Services Compensation Scheme. In the event of a claim the FSCS is required to refund the monies lost within 7 days. What is not broadly known, however, is that the £85,000 level of protection is only available for each banking group.
For example the Lloyds Banking Group includes Lloyds Bank, the AA, the Bank of Scotland, Capital Bank, the Halifax, Birmingham Midshires, Intelligent Finance, Saga and St James Place Bank.
This means that if you have deposits in several of the above, you are only protected for one total
amount of £85,000. To find out more visit the FSCS website at www.fscs.org.uk.
No comments:
Post a Comment