How does the deposit guarantee apply to linked accounts?
Hello, My bank offers me a current account and linked savings and brokerage accounts. In this situation, would the GBP 50,000 guarantee on deposits apply to the sum of the balances in all three accounts? Or would it apply to the balance in each individual account separately? Thank you.
Personal Finance - 1 Answers
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Answer 1 :
Yes. Only the first £50,000 in each institution is guaranteed, so you should think twice about keeping more than that amount in the same bank, even if it's in different accounts. Additionally, the guarantee applies to banks owned by the same group of companies. So, if you have money in two banks which are part of the same group, only £50,000 will be guaranteed.
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