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Original poster

£85k protection by government if a bank goes bust

37 replies

pensionsums · 07/02/2025 20:16

What do people do if they have a lot more than £85k? Do they just make sure they have accounts with different banks, given that the protection is per institution?

OP posts:
LivLuna · 08/02/2025 08:38

If you want to keep it all in cash at reasonable rates but split between banks have a look at HL active savings. For on login you have access to a number of different banks and types of accounts.

www.hl.co.uk/savings

JaninaDuszejko · 08/02/2025 08:40

JoyousPinkPeer · 08/02/2025 08:38

Different banks or premium bonds

There's a £50K maximum for Premium Bonds. Tax free winnings though.

Heatherbell1978 · 09/02/2025 09:07

OliveHenry · 07/02/2025 20:23

Don't forget that if a bank is part of a group (eg HSBC and first direct) then the protection will be split, so not 2 x £85k if you have accounts with both.

Not correct. The protection is per Banking Licence so if a big group is made up of several legal entities which have separate licences then you would have £85k in each. It's also per customer so if you have a joint account then you're each entitled to £85k.

Original poster
pensionsums · 09/02/2025 11:58

Heatherbell1978 · 09/02/2025 09:07

Not correct. The protection is per Banking Licence so if a big group is made up of several legal entities which have separate licences then you would have £85k in each. It's also per customer so if you have a joint account then you're each entitled to £85k.

Show quote history

This is interesting. How do you find out which banks own other banks? I know that Nat West owns RBS, but to be honest I'm not aware of how the others are (or are not) connected.

OP posts:
WhatShallIdo11 · 09/02/2025 14:24

When I took over my brother's affairs as he had vascular dementia, he had £500,000 after I sold his house. I have it spread over 6 banks with various bonds, ISAs etc. Need some of it not tied up to pay care home fees of £6800 per month though.

custardpyjamas · 09/02/2025 14:31

pensionsums · 07/02/2025 20:51

Thanks this is interesting! So literally people have to have accounts with multiple banks , which is weird eh.

Well not really weird, usually you would have one main bank account for routine spending and where your pay is deposited and perhaps several savings accounts with different building societies and other banks to spread the savings risk and also to take advantage of the best interest rates.

custardpyjamas · 09/02/2025 14:34

pensionsums · 09/02/2025 11:58

This is interesting. How do you find out which banks own other banks? I know that Nat West owns RBS, but to be honest I'm not aware of how the others are (or are not) connected.

Show quote history

There are lists on line if you google it (other search engines are available). And usually banks and building societies say if they are independent or what their affiliations are on their web sites.

rainbowunicorn · 09/02/2025 14:35

pensionsums · 09/02/2025 11:58

This is interesting. How do you find out which banks own other banks? I know that Nat West owns RBS, but to be honest I'm not aware of how the others are (or are not) connected.

Show quote history

If you Google what banks are owned by Barclays for example it will tell you. Just substitute Barclays for whichever institution you want.

Stepfordian · 09/02/2025 15:02

pensionsums · 07/02/2025 20:51

Thanks this is interesting! So literally people have to have accounts with multiple banks , which is weird eh.

I don’t have anywhere near that amount of money but I still have several accounts across different banks, sometimes to get an offer and sometimes just because of bank A’s system goes down (not unheard of) I can still use bank B.

Heatherbell1978 · 09/02/2025 15:15

@pensionsums it is easily google-able. NatWest Group own RBS, NatWest and Coutts so you could have £85k in each. Lloyd's own Lloyd's and Bank of Scotland - maybe still Halifax? When you go to open an account there should be an FSCS Information Sheet which lists the trading entities within that banking licence. Or it should be in the FAQs or other information in the website.

ThatWordDoesNotMeanWhatYouThinkItMeans · 09/02/2025 15:23

pensionsums · 09/02/2025 11:58

This is interesting. How do you find out which banks own other banks? I know that Nat West owns RBS, but to be honest I'm not aware of how the others are (or are not) connected.

Show quote history

Have a look at this OP
https://www.fscs.org.uk/making-a-claim/customer-info/banking-licences/

How do banking licences affect FSCS protection?

A banking firm can have more than one brand, so seemingly unconnected banks can share a banking licence. See how shared banking licences can affect your money.

https://www.fscs.org.uk/making-a-claim/customer-info/banking-licences

OliveHenry · 09/02/2025 17:13

There's a checker here to see which banks are linked:

https://www.moneysavingexpert.com/savings/safe-savings/#whatcounts

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