Humphrey

As I understand it you can have £50k in both in the same name and be covered but verify it first.

You are covered for more than £50k if you put it in joint names with your spouse or child if you wish

lazybones 57

just noticed your post and seen that it had not been answered.

If you have joint accounts with a bank you are covered for up to £100,000 instead of £50,000.

Furthermore, the Scottish Widows OEIC is essentially an investment similar to a unit trust and is NOT a deposit. so your OEIC is subject to price variations in the Shares or Stock Market Index that it is invested in. There is a seperate form of coverage for investments but it does not cover your initial capital, it only covers the amount your investment was worth at the time of the holding company failing up to a maximum of £31,700 out of the first £35,000.

You do not say if it is a Guaranteed Equity product or similar so at this stage I cannot offer any further information

I second that statement that you are covered seperately so k50 in each is covered

As for Nationalisation, it looks as if its going that way now, but then this post is dated later

Sorry axisme, but you are incorrect.

The £50k compensation limit is for each separately licenced finanial institution. Lloyds TSB and HBOS are both subsidiaries of Lloyds Banking Group. Both carry their own individual licence and as a result you are covered up the £50k in each.

Halifax and Bank of Scotland had a single licence, hence only being covered once across both brands before the merger.

As for nationalisation, I cannot see the government doing this. LBG is a completely different kettle of fish to Northern Rock and despite the HBOS results looking very embarrassing for Eric Daniels, they are a very long way from needing to be taken over by HMG.

Regards,

Are savings safe if we have invested £30k with Scottish Widows in a 5 year OEIC and have savings/current accounts with Lloyds TSB to the sum of £53k? Should we move some to say Barclays or some other institution?? What I'd like to know is if Lloyds and Scottish Widows are registered seperately.Very concerned as I know they are the same "group"

Thank you in anticipation

mooreaz:

A. The Lloyds Banking Group will not be nationalised

B. Your savings are safe up to the £50k FSCS insurance limit. This covers LTSB and HBOS separately.

A. Erm, we already own 40%. There will be a mass sell of over the next week, and we will likely be forced to own more. We also own 70% of RBS. To be honest, Nationalisation is looking like the only viable way to secure our investment. Specifically since it is working so well with Northern Rock.

B. They merged. The FSA compensation scheme doesn't cover for different brand names. For example, Halifax wasn't covered separately from BoS. After their own merger, they are covered as a single entity. The same applies to the new Lloyds Banking Group.

1. To answer the original poster, there is a very real chance the bank could be nationalised. Your savings are currently 100% safe though, that's if you believe our country won't go bankrupt itself. The Government is guaranteeing the Lloyds Banking Group right now.

2. No, if you want to take advantage of the £50 000 scheme, you need to place in two different financial institutions. For example, 50k in Barclays and 50k in Lloyds. However, unless our own country goes bankrupt, your 100k is safe with Lloyds. If our own country were to go bankrupt, your 100k wouldn't be worth the paper it's printed on anyway.

Thank you for the reply.

Does that mean you can have up to £50000, with Lloyds and £50000 with HBOS in the same name? What happens if you have more than £50000 in one or them?

A. The Lloyds Banking Group will not be nationalised

B. Your savings are safe up to the £50k FSCS insurance limit. This covers LTSB and HBOS separately.

If these banks are nationalised are savings save?