4 ms·
Are British bank accounts not FDIC insured?
by suprfsat 6y ago
Are British bank accounts not FDIC insured?
- JumpCrisscross 6y ago> Are British bank accounts not FDIC insured? No. They are protected by the FSCS [1]. [1] https://en.wikipedia.org/wiki/Financial_Services_Compensation_Scheme https://en.wikipedia.org/wiki/Financial_Services_Compensatio...
- rahimnathwani 6y agoEven if UK banks were covered by FDIC (which covers only US banks), the limit is $250k (less the 200k GBP I mentioned in my comment). The UK equivalent is capped at 170k GBP per account-holder: https://www.moneysavingexpert.com/savings/safe-savings/ https://www.moneysavingexpert.com/savings/safe-savings/
- nexuist 6y agoDoes the FDIC cover any other country's banks than the US?
- arthurcolle 5y agoUsually "foreign" banks can mean multiple things. Imagine you have a bank out of the UK with a subsidiary based in the US (one example could be Barclays in the UK and then Barclays US). The US based subsidiary could potentially be FDIC insured, but wouldn't cover deposits denominated in the originating foreign bank's deposit, which is logical IMO. The FDIC has a page about this but it's pretty useless. https://www.fdic.gov/regulations/laws/part/ https://www.fdic.gov/regulations/laws/part/