Over 85K In A Uk Bank

[fourteen85]

Good morning, If I have over 85k in a UK bank and the bank goes under do I potentially lose it all or only the amount over the 85,000? Thank you

[barry1010]

You will lose only the amount over £85k

[fourteen85]

Thank you Barry

[Hopkirk]

Just spread it around.

(or give it to me)

[bednobs]

i always get amazed in these situations. who has over 85k :(

[DTCwordfan]

I wonder what you do if you have over a billion in cash - that's a lot of bank accounts to manage, 11765 of them to be precise - or you could buy the bank, I guess...

[DTCwordfan]

I can remember a story in the M-East back in the 80s when someone questioned David Rockefeller's ability to pay. A terse reference telex came through from the Union Bank of Switzerland. 'Mr. Rockefeller keeps six accounts with us, each with $US 10 million on them.....' End of credit check.

[fourteen85]

Bednobs 8.28, Certainly not me , we have an Auntie who has had to sell her house due to health and my wife is POA

[barry1010]

It still makes sense to spread it over accounts in different banks, making sure that the banks don't belong to the same group.
Also, the NSI guarantees you will never lose a penny no matter how much money you lodge with them - the FSCS doesn't apply. Shame their interest rates are rubbish although we do better than most interest rates with our premium bonds.

[barry1010]

Regarding house sales, the FSCS will cover up to £1m for up to 6 months in exceptional services such as property sale, inheritance, insurance payouts etc. It gives a breathing space.

[carrot99]

With National Savings and Investments (NS&I) it's guaranteed 100%. You could put £50k into premium bonds for a small return for your aunt.

[fourteen85]

Thanks all for your replies

[bednobs]

im not suggesting that people with 85+k are not out there, in fact, i think there are a lot of middle class middle oldies on here, who probably have much more. I would just like to have this problem some day and am only jealous :)

[ToraToraTora]

TBF though if it ever got to that situation the whole banking sector would collapse followed by the economy of the world and we'd be back to the dark ages and money would mean nowt anyway!

[aelmpvw]

you can only have £2 million in NS&I, which isn't an immediate problem for me . . .

[Hopkirk]

Yes when I reached £2 million they asked me to stop.

[Peter Pedant]

yes barry is correct