Business banking if bank goes under Business banking if bank goes under
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  1. #1

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    Default Business banking if bank goes under

    If a bank goes under, I know that FSA/FSCS guarantee 100% of savers money on £35000 provided the bank is regulated by the FSA. Does the same apply to business bank accounts which contain large sums of money? It does not seem adequate to me. OK for a personal savings account but not for a business bank account.

    Do you (or can we) hold multiple business bank accounts for your limited company to get around this?

    texto

  2. #2

    Godlike

    Sockpuppet is too good to be a permie

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    Quote Originally Posted by texto View Post
    If a bank goes under, I know that FSA/FSCS guarantee 100% of savers money on £35000 provided the bank is regulated by the FSA. Does the same apply to business bank accounts which contain large sums of money? It does not seem adequate to me. OK for a personal savings account but not for a business bank account.

    Do you (or can we) hold multiple business bank accounts for your limited company to get around this?

    texto
    Yes, businesses with turnovers below £1mln are covered.

    You can hold as many bank accounts as you like.

  3. #3

    I live on CUK

    Old Greg is a fount of knowledge

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    Related to this - I see that Northern Rock are offering 5.11% for their Business Reserve account (minimum 10k deposit) - government backed. I think OG Ltd will be opening up one of those babies and reducing the sums in Cater Allen to the minimum to allow for month to month expenses.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

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