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FM37 - Protecting your savings Continuing in our series of questions linked to Financial Planning, this quarter’s question concerns Question: I have more than £100,000 in savings and want to be sure I will be protected if a bank I am with falls. How can I do this? Answer: British savers are protected up to £50,000 if a bank were to fail. This compensation scheme applies to everyone but only covers you per bank. Many banks in the UK share the same banking authorisation license, which means that if you have savings with more than one firm you could be at risk of losing out when it comes to compensation. For example, Intelligent Finance, Birmingham Midshires, Halifax and Bank of scotland are all part of the HBOS group, so if you had accounts with two or more of these, you would only be protected to the extent of £50,000 in total. To find out where you stand simply type in your bank’s name into the box on http://www.moneywise.co.uk/everyday-money/banking-borrowing/banks-bs and they will search for the name of its licence holder. You can then see which other banks also share the same license.Remember: Mac (FCA CFP DipPFS) is amongst the highest qualified Financial Planners in the UK & would be happy to provide advice as a separate service. |
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We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 24/03/2011 Copyright © 2003-2011 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. |
