Hi All,
Any accountants or someone with knowledge on the below.
Say a bank has 1 banking license for simplicity say like Al Rayan which tops charts just now for Business and personal savings - Comes under Deposit Protection FSCS.
1. Then you open a business saving account for £85,000 under the business.
2. You then open a personal saving account for £85,000.
If you have both under 1 banking license, are you covered for £85,000 for both?
If something went wrong would you get the £170,000 back as business accounts are treated different to personal bank accounts?
I have searched web for an absolute answer but cant find anything definitive.
Any accountants or someone with knowledge on the below.
Say a bank has 1 banking license for simplicity say like Al Rayan which tops charts just now for Business and personal savings - Comes under Deposit Protection FSCS.
1. Then you open a business saving account for £85,000 under the business.
2. You then open a personal saving account for £85,000.
If you have both under 1 banking license, are you covered for £85,000 for both?
If something went wrong would you get the £170,000 back as business accounts are treated different to personal bank accounts?
I have searched web for an absolute answer but cant find anything definitive.
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