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you can have multiple accounts at the same bank. some banks like HSBC will take care of splitting it up for you behind the scenes.
by joshfraser 5y ago
you can have multiple accounts at the same bank. some banks like HSBC will take care of splitting it up for you behind the scenes.
- joosters 5y agoThe UK bank cover is per-bank, not per-account.
- jfk13 5y agoAlso worth noting that when a bank operates under multiple names, such as First Direct (part of HSBC) or Cahoot (a division of Santander), the cover applies to your total balance across all accounts, regardless of the name. So it's worth knowing which "banks" are really just different different brands of the same parent institution, if you're trying to diversify because of this limit.
- bazzargh 5y agoNo - your £85k guarantee is across all your accounts with that bank (even across the same group of banks). Straight from the source: https://www.fscs.org.uk/what-we-cover/banks-building-societies/ https://www.fscs.org.uk/what-we-cover/banks-building-societi... _If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank. This means that our compensation limit applies to the total amount you hold across all these accounts, not to each separate account._
- arcticbull 5y agoFurther to what other replies mentioned, when a bank (or in the US a brokerage account) will do is actually sweep your cash balance into different account spread across multiple banks.