How would you protect >£75k held in your company bank account How would you protect >£75k held in your company bank account - Page 2
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  1. #11

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    Quote Originally Posted by Lewis View Post
    I split across multiple accounts
    How many?

    You must have run out of unaffiliated banks / building societies by now?

  2. #12

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    Why is opening multiple accounts such an issue - it took me all of 15 minutes to open my last business account so it's surely worth it to take advantage of the extra FSCS protection. It's hardly much effort to update your balances once a year and to transfer money when needed or if you are closing the company.

    If you're not going to bother with the FSCS protection you might as well put some money into peer to peer and take advantage of the higher rates there.

  3. #13

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    Quote Originally Posted by dingdong View Post
    Why is opening multiple accounts such an issue - it took me all of 15 minutes to open my last business account so it's surely worth it to take advantage of the extra FSCS protection. It's hardly much effort to update your balances once a year and to transfer money when needed or if you are closing the company.

    If you're not going to bother with the FSCS protection you might as well put some money into peer to peer and take advantage of the higher rates there.
    So tell me, which bank allows you to open a business account in 15 minutes?

    I've got my stopwatch ready.

  4. #14

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    Quote Originally Posted by blackeye View Post
    So tell me, which bank allows you to open a business account in 15 minutes?

    I've got my stopwatch ready.
    I don't recall the accounts I've opened in the past with Santander, Bank of Cyprus, Aldermore, Cambridge and Counties to name a few taking any more than this... hardly a great hassle to close down either come MVL time.

  5. #15

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    Quote Originally Posted by jamesbrown View Post
    If you're paying yourself a modest salary/dividend and have been contracting for 10+ years, it's going to become an issue for many.

    In terms of small businesses, they are protected under the FSCS providing:

    Turnover: not more than £6.5 million
    Balance sheet total: not more than £3.26 million
    Total number of employees: not more than 50
    Was tongue in cheek.

    I'm in the same boat, and have multiple accounts. It's not that much hassle for the protection it gives you.

  6. #16

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    Quote Originally Posted by Crossroads View Post
    I don't recall the accounts I've opened in the past with Santander, Bank of Cyprus, Aldermore, Cambridge and Counties to name a few taking any more than this... hardly a great hassle to close down either come MVL time.
    Quote Originally Posted by jmo21 View Post
    Was tongue in cheek.

    I'm in the same boat, and have multiple accounts. It's not that much hassle for the protection it gives you.

    So you guys open multiple accounts, stick in 75k and just let it sit there?

    Does each bank not charge you monthly fees (perhaps balanced out by the small amount of interest the 75k will earn)?

    When it comes to retirement and the MVL, I guess it's easiest to move all the funds into the main account so that the liquidator only has to deal with the one bank.

  7. #17

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    Quote Originally Posted by ChimpMaster View Post
    When it comes to retirement and the MVL, I guess it's easiest to move all the funds into the main account so that the liquidator only has to deal with the one bank.
    that's when the crash will happen!

  8. #18

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    Quote Originally Posted by ChimpMaster View Post
    So you guys open multiple accounts, stick in 75k and just let it sit there?

    Does each bank not charge you monthly fees (perhaps balanced out by the small amount of interest the 75k will earn)?

    When it comes to retirement and the MVL, I guess it's easiest to move all the funds into the main account so that the liquidator only has to deal with the one bank.
    Deposit accounts rarely charge fees - Aldermore, CCBank, Nationwide etc.

  9. #19

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    Per law, everyone is protected for up to £75K (irrespective of and if it is a joint account it is protected for £75K X 2. A better option would be to invest excess amount in property.

    http://www.fscs.org.uk/what-we-cover...ing-societies/

  10. #20

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    Quote Originally Posted by itjobs View Post
    Per law, everyone is protected for up to £75K (irrespective of and if it is a joint account it is protected for £75K X 2. A better option would be to invest excess amount in property.

    UK Banks & Building Societies | Deposit Guarantee |FSCS
    ...per authorised bank or building society

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