The definition of 'institution' depends on a bank's licence and giant banking conglomerates make it complex. Yorkshire, Chelsea, Barnsley, Norwich & Peterborough building societies, plus Egg. Read Martin's Do you really need to spread your savings? Joint bank accounts are often used as an easy and transparent way to manage shared finances. Since May 2010 these banks all share one £85,000 protection. That way your loved ones can pick up your international money transfer conveniently. Whether you’re thinking of moving to the UK or you’ve arrived there already, at some point you’re going to need a bank account. That means it's possible you could lose out by having a joint account. "So I would suggest up to £85,000 in any financial institution you are safe, yes.". It can get quite complicated, but in general: - For annuities, your money is 100% protected. BY country . One final note. Fee-free basic bank accounts are designed for people who don’t have a bank account or don’t qualify for a standard current account. "UK regulated savings accounts - which almost every single one that anybody's heard of are - you are protected up to £85,000 per person, per financial institution. Martin Lewis has helped a struggling mum to clear £30,000 in debt with the help of his tips - and if you're struggling with debt, here's how you can cut your costs and do the same. If you have lots of dough, put it in separate banks, they will guarantee every bank … Certain types of guaranteed equity bonds, 'deposit accounts' where the interest paid depends on the stock market's performance, may also count for 'savings' protection. An Arranged or Unarranged Overdraft is a way to borrow money from the bank and is intended for occasional use. Student tuition fees in England are set to be frozen for another year under new plans put forward by the Government today. Martin Lewis is a registered trade mark belonging to Martin S Lewis. MIR Limited UK Ltd (MIR UK) will no longer be able to passport its services across the EEA with effect from 1st January 2021. For those with very large amounts of savings (for example, from a house sale) there's now a temporary six-month £1 million limit. However, this is particularly true with non-European banks, as this has not been tested yet (and hopefully won't be!). If you've paid for cover for a year, but the company goes bust after a month or two, then you would lose out. But they come at a cost, and they aren't held to the same legal standard as "normal" banks. We will use your email address only for sending you newsletters. Editor-in-Chief, Marcus Herbert. Most bank guarantees carry a fee equal to a small percentage amount of the entire contract, normally 0.5 to 1.5 percent of the guaranteed amount. Indeed, the FSCS money that was used to help push through the takeovers of Bradford & Bingley and Kaupthing was borrowed from the Government and will be paid back in future years. The scheme offers protection for savers holding their money in a UK-authorised bank, building society of credit union account, should it fail after January 1, 2017. So if you have more than £85,000 saved between Santander, A&L, B&B (both of which have been rebranded as Santander) or Cahoot, then the excess isn't covered. The upside is that the best money market account interest rates may have slightly higher interest rates than other types of savings accounts. So four accounts with one bank still only get £85,000. But this doesn't mean you'll get £85,000 for every account – the £85,000 is per financial institution. Home of the Daily and Sunday Express. Plus, in a tough mortgage market, the less you borrow compared to the house's value, the better deals are available to you. 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