Is Your money safe!!!
From Tuesday 7th Oct the UK government will belatedly raise the amount of compensation available to savers with failed banks from £35,000 to £50,000.
This means that should your bank fail you shall be protected up to the new limit, providing your bank has a UK banking licence or it it holds a shared licence. What’s the differance?
example: HBOS holds the main banking licence for Bank of Scotland, Halifax, Saga, Birmingham Midshires and Intelligant Finance.
Therefore, an investor who has £50,000 in one of the banks is 100% covered, but like many, if the investor has £50,000 in each subsidiary bank and a total of £250,000 on deposit, only the first £50,000 is guaranteed.
Is your money as safe as you might think. Check out our guide to shared Licence and single licence banks in the UK. (password needed) Register Now
