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£50,000 Government Guarantee

As I understand this guarantee if someone has a number of savings accounts (say ISA`s) in the same Bank/Building Society all the accounts would be covered in total up to the 50K.
Someone has suggested to me that only 1 of the accounts would be covered & not all the accounts.
I presumed that all accounts would be added together up to the 50K and covered.
Can anyone clarify this point for me
Many thanks
Sasso1

Sasso1 Mon 06/10/08 15:15

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Ethel
Mon 06/10/08
15:18

£50000 per person per instuttion.

It doesn't matter how many accounts a person has in the same bank or bs - if the bank or bs collapses the accounts will no longer exist.

The account(s) holder will get a cheque for the amount they had in the account(s) up to £50k, whether that is one account or several.

buildersmate
Mon 06/10/08
18:27

Do you happen to know how it works for small business customers' accounts, Ethel? - or doesn't it.

Ethel
Mon 06/10/08
19:20

BM - please read point 11 here and follow the link for further information:

http://www.fscs.org.uk/consumer/faqs/claiming_ compensation_faqs/

buildersmate
Mon 06/10/08
19:25

Thanks. BM

Sasso1
Tue 07/10/08
14:30

Question Author

For Ethel

Many thanks for your answer to my question - greatly appreciated.

Sasso1

dave2222
Wed 15/10/08
19:50

well if youve that much give me 15k and il garantee you never see it again.

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