Financial Services Compensation Scheme

[Coldicote]

As I understand it, if a bank is unable to meet its financial obligations (presumably that means 'goes bust') a depositor would be entitled to claim up to £50,000. If a private person has savings of more than 50k in one bank what is the best thing to do? Is there a simpler solution than having accounts with two banks?

[factor-fiction]

Change the account to a joint account in joint names or open an account with another bank. But is it likely to be an issue? In practice govts would probably support savers

[ABerrant]

A risk assessment point to ponder - more people have lost money through a joint account being emptied by a partner than have lost money through limitation of the FSCS.

[R1Geezer]

don't bother, if it ever comes to that state of affairs it would be the end of civilisation and money would be irrelevant anyway. That's why govenments bailed out the banks last time.