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Financial Services Compensation Scheme

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Coldicote | 12:40 Fri 28th May 2010 | Personal Finance
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As I understand it, if a bank is unable to meet its financial obligations (presumably that means 'goes bust') a depositor would be entitled to claim up to £50,000. If a private person has savings of more than 50k in one bank what is the best thing to do? Is there a simpler solution than having accounts with two banks?
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Change the account to a joint account in joint names or open an account with another bank. But is it likely to be an issue? In practice govts would probably support savers
A risk assessment point to ponder - more people have lost money through a joint account being emptied by a partner than have lost money through limitation of the FSCS.
don't bother, if it ever comes to that state of affairs it would be the end of civilisation and money would be irrelevant anyway. That's why govenments bailed out the banks last time.

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