Is my Ј85,000 covered

A question about : Is my Ј85,000 covered

Hi

I have a company bank account in the company name (I'm a director) and a personal bank account in my name - both at Lloyds

Am I covered for two lots of Ј85,000 if the bank went under - one for the company account and another for my personal, or just one allowance of Ј85,000 ?

I've called Lloyds and no one seems to be able to answer me - unbelievable but true

If anyone knows, and can point me to some Gov or other webpage showing the situation, I'd appreciate it

Best answers:

• FSCS have a freephone number - probably best to ask them rather than the bank, since it is they and not the bank providing the cover
  https://www.fscs.org.uk/contact-us/
• The business is an entity just as you are?
  JK38 LTD is the account holder but there are certain signatories on the account, one of whom may be you.
  JK38 has his own personal account and is the account holder.
  That said, there are different rules for the protection of business accounts see https://www.fscs.org.uk/what-we-cover...ey_with_fails_
• well, I would have thought that as you and the company (who have the deposit) are separate legal entities, then as long as the company is a "smaller company" with turnover of less than Ј1m, then it would be covered and your individual money would be covered as well. If it isn't a "smaller company" then it wouldn't be covered anyway.
  Having said that (personal rant time apologies), it doesn't really matter because (imho) the FSCS will never be triggered to pay out on deposits in a UK bank because the bank would need to be declared in default before the FSCS is triggered and no proper UK bank will ever get to that stage because the Government will rescue them in order not to have to pay out through the FSCS (as they did with Northern Rock and all the others wobbly banks in 2008).
  If the Government hasn't got the money to bail out the banks then I would have thought they certainly won't have the money to pay out via the FSCS.
• It seems unnecessary to assume that all future PMs will be as extravagant with the taxpayers' money as Brown was. Though I dare say Milibrown would be.
• My belief is that only personal accounts are covered, which means that businesses are not.