Savings warning issued as UK hits recession – how you can ensure your money is safe

Savings warning issued as UK hits recession – how you can ensure your money is safe

They explained “if savers have money in multiple accounts with banks that are part of the same banking group, that is, share a Firm Reference Number (FRN), we have to treat these deposits as if they are held with one bank”.

“This means that our compensation limit applies to the total amount savers hold across all these accounts, not to each separate account,” the spokesperson continued.

“For joint accounts, the limit applies to each named account holder, so FSCS would protect up to £170,000 of savings.”

In order to ensure all savings are protected via the scheme, it may be that savers opt to make a simple check – and that’s that the accounts have different FRN numbers.

Published at Thu, 13 Aug 2020 22:10:00 +0000