Is now the time to diversify your bank accounts?
Post Author:
Rona Burns
Date Posted:
April 3, 2023
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In light of recent global bank failures, Silicon Valley Bank UK first, followed closely by Credit Suisse, is now the time to consider diversifying your bank accounts?
A bank balance up to £85,000 is protected under the Financial Services Compensation Scheme (FSCS). The cover is up to £85,000 per institution, if you are holding funds over this limit, it may be worth taking some action where possible and opening accounts with other banks.
The level of protection is by authorised firm so you should do some research beforehand to ensure you don’t choose different banks which are classed as one institution by the FSCS.
The following link on the FSCS website allows you to check if your money is safe while considering associated banks: Bank & savings protection checker | Check your money is protected | FSCS
If you have any questions or would like to discuss further, please get in touch with your usual Johnston Smillie contact.
