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The £50k guarenteed limit.

by emz 08 September 2010 |

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How does it work for joint accounts.

I bank with Nationwide.

I hold in my sole name £8600.

I hold jointly with my brother £42000

What is the most I can hold with my husband (who has no other accounts with Nationwide) to still be within the £50k limit?

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2

Gubstar posted
1 person, 1 institution group £50k
your using up half of your allowence in the joint account, therefore £21000 + £8600 = £29600.
Therefore you can save £20400 (under your name) without fear in a Nationwide account, or open a joint account with your husband and put £70400 in it, but he should not open any accounts with Nationwide
Posted on 08 September 2010 | Love 0 loves Report
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emz posted
Thank you thats what I thought but....
What I wondered was as my brother doesn't have any money at Nationwide either can he cover the 40k with his 50k allowance?
Cos if your saying that I am using half with the 40k jointly with my brother than surely I would be using £35,200 if my husband and I had £70400?
*confused!*
Posted on 08 September 2010 | Love 0 loves Report
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MikeGG1 posted
Gubstar is incorrect as far as a joint account with your husband is concerned.
You can save up to £20,400 on your own or £40,800 in a joint account.
He could then save £29,600 on his own.
Don't forget that the £50,000 limit includes interest earned to date, so allow for at least one lot of interest on each account. For a term share it is better to allow for the full term.
However, the limit is reportedly going up to €100,000 at the end of the year, whatever that will be worth. Why couldn't they do it in pounds? We can't discount back term share limits when the currency is fluctuating.
Mike
Posted on 08 September 2010 | Love 0 loves Report
159

JoeEasedale posted
Why couldn't they do it in pounds?
---------------------------------------------------
They will be doing it in pounds Mike, just have a little patience.
FSCS will be in pounds before the £50k limit is changed.
Regards
Joe
Posted on 08 September 2010 | Love 0 loves Report