Corporate Accounts

[Jubber]

Corporate deposits in Britain are not covered by the Financial Services Compensation Scheme. It lifted its maximum guarantee from 35k to 50k yesterday, but only for the savings of individuals and sole traders.

The Times October 4th 2008

Pardon? Hmmmm. Food for thought.

[pmeswani]

Originally Posted by Jubber

Pardon? Hmmmm. Food for thought.

Time to feed your personal pension from your company profits via employer contributions?

[basshead]

AIUI small business (Limited) accounts are covered providing they meet certain criteria.

From the BBC:

Gary from Cheshire emailed in to ask about protection for his business accounts - he says he has more than one with the same bank. We contacted the FSA, who told Adam that small businesses qualify for the same protection as personal savings, as long as they fulfill two of the following criteria:

- they have a turnover of no more than £6.5m

- they have a balance sheet of less than £3.2m

- They have less than 50 employees