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Re: £60,000 to save , best option

  •  Mon, Sep 15 2008, 8:35 PM

    Re: £60,000 to save , best option

    Great link above to check.

    The FSA rep rang me today in answer to the enquiry I had left as to how to find out where it was safe to park one's savings.

    The FSA told me that they Licence each Banking Institution to accept deposits and that Compensation of £35,000.00 is limited to that no matter how many Accounts one holds and no matter how much - even where spread across subsidiaries and linked Banks/Savings Institutions.

    The example given was Royal Bank of Scotland RBS and Halifax Bank (formerly Building Society), which have ONE LICENCE between them. So do not make the mistake of investing £35,000.00 or more in RBS and a further £35,000.00 or more, in Halifax Bank, since if this group goes down only one payout of £35,000.00 will be made.

    Apparently these Licences can be checked up on the FSA website, or using the link above provided by pawsnjaws.

    Sorry no info on National Savings & Investments you will have to look on their website. I am sure they must have one.

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