Santander Safety

[downsouth]

Yes they are, as long as they are 'small' businesses' (there is a definition of this, but vast majority of contractors will be)

FSCS > Q&As about Claiming Compensation

Can you compensate firms as well as people?

As an indicative guide only, for the purposes of deposit and investment claims, smaller companies are protected. A smaller company must meet two of the following criteria (as set out in section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable):

Turnover: not more than £6.5 million
Balance sheet total: not more than £3.26 million
Total number of employees: not more than 50

For claims made under an insurance contract, small businesses are protected. A small business under the COMP rules is one that has an annual turnover of less than £1m.

The same levels of compensation apply whether the claimant is a private individual, small business, or a small company.

[TheFaQQer]

Also, it depends which bank has the licence / registration with FSCS.

For example, anything Santander all counts as one - Abbey, Bradford & Bingley, Alliance & Leicester, Cahoot. So if you have > £85k in total in all those, then your claim will be capped.

However, RBS and Nat West count as separate banks, so if you had >£85k in both then you would be covered up to £85k in each one.

[Mr.Whippy]

Pretty sure I know this answer to this but wanted to double check because it involves a fair chunk of my ill gotten gains

If I've got money in a personal account and money in business account with Santander that exceeds £85k combined its not a problem because we are separate entities so would be covered for £85k for each one?

[eek]

Pretty sure I know this answer to this but wanted to double check because it involves a fair chunk of my ill gotten gains

If I've got money in a personal account and money in business account with Santander that exceeds £85k combined its not a problem because we are separate entities so would be covered for £85k for each one?

personal account up to £85,000.

Company is a separate business so should be covered separately up to £85,000. there are additional criteria for business account coverage so I'm not a 100% positive but I'm 99% sure my business and yours meet the criteria.

[CheeseSlice]

Well, I don't have a Santander account, but I've just cleared out my ING Direct (Dutch) savings account and brought it all back to UK.

I was actually planning to do it for a while just to get a better deal, but been putting it off until the news this week. I wouldn't usually be concerned with Dutch banks, and ING aren't even massively exposed to Greek debt, but it turns out they're not covered by FSCS, and not helped by the fact their whole government recently resigned.

[Lewis]

For example, anything Santander all counts as one

Hmmm .... so does that mean that I need to add together my Cater Allen and Santander balances? I had assumed they were protected separately.

[BlasterBates]

My understanding is that each seperate account is covered, so each of your accounts would be covered under the guarantee. The latest opinion polls in Greece suggest that the voters are getting the message, it's either austerity or austerity.

[eek]

My understanding is that each seperate account is covered, so each of your accounts would be covered under the guarantee. The latest opinion polls in Greece suggest that the voters are getting the message, it's either austerity or austerity.

No, no no no no

Its £85,000 protection per legal entity (person or limited company) per banking licence (see the FAQQER's comment above).

[TheFaQQer]

Hmmm .... so does that mean that I need to add together my Cater Allen and Santander balances? I had assumed they were protected separately.

You'd need to ask Cater Allen who has the banking licence - if they are under Santander UK (and I think that they are) then if you have personal accounts with both of them then you would only be covered up to £85k total.

If you have a business account with Cater Allen and a personal account with Santander, then your company is covered to £85k and you are personally covered to £85k (assuming your company meets the small business rules already mentioned in this thread)

[jamesbrown]

Well, I don't have a Santander account, but I've just cleared out my ING Direct (Dutch) savings account and brought it all back to UK.

I was actually planning to do it for a while just to get a better deal, but been putting it off until the news this week. I wouldn't usually be concerned with Dutch banks, and ING aren't even massively exposed to Greek debt, but it turns out they're not covered by FSCS, and not helped by the fact their whole government recently resigned.

There's an equivalent scheme in NL that would protect you. I believe the protection is 100% of the first 100k Euro.