http://ift.tt/1s4546C
Under current UK rules, savings of up to £85,000 per person are covered against loss. The limit is set for each banking licence (which can cause confusion if different banking brands share a single licence) which means that people with significant savings may have to have multiple accounts in multiple banks.
This affects Mrs Don and I in three ways. We are fortunate enough to have more than £170,000 in cash savings and so we have accounts in more than one financial institution. We also are owners of a small business with significant cash reserves. Because fee-free business accounts are hard to come by all our accounts are with one bank and so a lot of our cash reserves are nominally at risk. I am also named on all of my 80 year old father's accounts (to make things easier if I should ever have to assume financial control).
If the headline is accurate then this will make things easier for us and if we end up breaching the £1 million limit then I'll be very happy indeed. There are also other measures to improve access to money in the event of a bank failure. All of this has been forced on the UK because of EU legislation - a good idea IMO.
Under current UK rules, savings of up to £85,000 per person are covered against loss. The limit is set for each banking licence (which can cause confusion if different banking brands share a single licence) which means that people with significant savings may have to have multiple accounts in multiple banks.
This affects Mrs Don and I in three ways. We are fortunate enough to have more than £170,000 in cash savings and so we have accounts in more than one financial institution. We also are owners of a small business with significant cash reserves. Because fee-free business accounts are hard to come by all our accounts are with one bank and so a lot of our cash reserves are nominally at risk. I am also named on all of my 80 year old father's accounts (to make things easier if I should ever have to assume financial control).
If the headline is accurate then this will make things easier for us and if we end up breaching the £1 million limit then I'll be very happy indeed. There are also other measures to improve access to money in the event of a bank failure. All of this has been forced on the UK because of EU legislation - a good idea IMO.
via International Skeptics Forum http://ift.tt/1vTxeyZ
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