Protection for Business Bank Accounts?

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Archangel replied

14 July 2008, 06:52
Originally posted by contractor79 View Post

so anything above 35k is at risk?

Yep, spread that dosh around. I've just opened a HBOS account (5.25% gross for first year). Already have RBS and Alliance & Liecester (apparently in bad shape, but ho hum).
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Archangel replied

14 July 2008, 06:51
Originally posted by Ruprect View Post

A mate of mine has opened an account with Northern Rock (no tulip) - underwritten by the government now.

The problem with NR business account is that its postal. I like this new fangled interweb thingy.
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Ruprect replied

13 July 2008, 19:55
A mate of mine has opened an account with Northern Rock (no tulip) - underwritten by the government now.
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contractor79 replied

13 July 2008, 17:46
so anything above 35k is at risk?
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TykeMerc replied

13 July 2008, 17:01
It's a sensible question considering how many of us operate.

I looked into this too and the compensation scheme appears to cover all accounts, currently to £35k with a proposal for that to increase to £50k in the not too distant future.
Don't forget that's £35k per insured institution and large banking groups tend to be registered as a single institution so if you have money in RBS, NatWest and One Account it's all effectively in the nsame institution I believe. Moneysavingexpert.com has a list of linked banks on it somewhere and pretty thorough advice on this matter.
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Archangel replied

13 July 2008, 14:52
Small businesses are also covered.
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Whiskychaser started a topic Protection for Business Bank Accounts?

11 July 2008, 12:01
Protection for Business Bank Accounts?

Apologies if this has been discussed before (couldn't find on search), but does anybody know what protection exists for small businesses in the event of a banking collapse?

I know that personal deposits up to £35K are covered through the FSA compensation scheme, but is there anything similar in place for small businesses, should a bank go under?

I'm not naturally a paranoid person, but I'm wondering if I should re-think my strategy of letting money build up in the ltd. co. account!

Thanks in advance!
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