Do you have full protection on your Deposit Accounts?

Here at RIS one of the important jobs we do is to help our clients with the assets they have outside of their investment and pensions;  the emergency funds, savings and just plain rainy day money that you build up.

At the end of last year it was announced that the level of depositor protection would increase to £85,000 per individual, per authorised institution (£170,000 for joint accounts). This is all well and good and in many ways a useful amount to give you some confidence that you will be able to make a claim in the event of the unthinkable happening and your bank goes to the wall.

However in these days of enormous global banking firms it is not always easy to tell which bank is part of which banking group. For example Marks and Spencers are part of HSBC; Post Office Savings are part of Bank of Ireland and so on.  The Financial Services Authority has produced a useful table which gives guidance on which firms belong to which group. This will help you to ensure that your savings don't breach that all important £85,000 limit per institution.

The table can be found here -


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