How Secure Is Savings Safety Net? ; the Level of Protection Depends On Who Is Really in Charge of Your Bank Account

Summary

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AT first glance, the rules seem simple. Under the Financial Services Compensation Scheme, up to [pounds]35,000 of savings per person - [pounds]70,000 for a joint account - is protected in the unlikely event of a UKregulated bank or building society going bust.

But then things get a little more complicated. Though the scheme protects savers with companies regulated by the Financial Services Authority, the different way that banks have registered with the FSCS means the cover is not always as generous as it might appear at first.

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Extract

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How Secure Is Savings Safety Net? ; the Level of Protection Depends On Who Is Really in Charge of Your Bank Account

Take HBoS and Royal Bank of Scotland, for example. HBoS's single registration with the FSCS means individual savers' balances are protected up to [po...

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