Worth noting though. That over the last 20 years or so. So many banks have merged in all but name.
Per bank only applies to the owning company registered with the FDA.
So dividing wealth over 85k into multiple banks is getting more and more impossible. Not to mention, the same merging of banks puts the whole nation fiscal security at risk in the event of a collapse.
Firstly I don’t think that’s a problem in the UK anyway and secondly even if it was a problem if you have over 85 grand you can afford to pay someone to solve the problem for you.
85K Sounds like a huge amount of money. But really it is not life changing for anyone but the poorest in society.
Financial advice costs money, and no safe investment for 85k is going to return the cash to fund much good advice. Only the very young with that sort of cash are going to be looking for investment advice. Most people with that sort of money are middle income in their 50s. Having gained it from downsizing after children have left.
The average German household has about 160K to their name, total. Not just cash but total, including cars, homes, whatever. The median is going to be even lower, the average is always skewed upwards in these statistics.
Even for people in the median getting an extra 85k is going to drastically improve their lives. Maybe not life-changing. But go to the 25th percentile and this is going to look a lot different. And that’s not the “poorest” in society.
Worth noting though. That over the last 20 years or so. So many banks have merged in all but name.
Per bank only applies to the owning company registered with the FDA.
So dividing wealth over 85k into multiple banks is getting more and more impossible. Not to mention, the same merging of banks puts the whole nation fiscal security at risk in the event of a collapse.
Why would the bank need to be registered with the FDA to operate in the UK?
Also if having to split my money between multiple banks is the price to pay for having more than 85,000 it’s a price I’m more than willing to pay.
FCA Typo sorry.
The issue is the definition of a bank. It is not the high street name but the parent organisation.
So many banks have merged over the last couple of decades. It can be hard to ensure that money is not all covered with one bank.
Firstly I don’t think that’s a problem in the UK anyway and secondly even if it was a problem if you have over 85 grand you can afford to pay someone to solve the problem for you.
It’s not really a big issue
85K Sounds like a huge amount of money. But really it is not life changing for anyone but the poorest in society.
Financial advice costs money, and no safe investment for 85k is going to return the cash to fund much good advice. Only the very young with that sort of cash are going to be looking for investment advice. Most people with that sort of money are middle income in their 50s. Having gained it from downsizing after children have left.
The average German household has about 160K to their name, total. Not just cash but total, including cars, homes, whatever. The median is going to be even lower, the average is always skewed upwards in these statistics.
Even for people in the median getting an extra 85k is going to drastically improve their lives. Maybe not life-changing. But go to the 25th percentile and this is going to look a lot different. And that’s not the “poorest” in society.
Okay so I’ve just asked someone who actually knows, and apparently that’s not how it works in the UK anyway, it’s per Bank, not per owner.
Anyway I don’t think banks have consolidated all that much in the UK. There is HSBC and then basically everyone else is separate.