Finance newzz - Get freedom from them

Turmoil in the financial markets ; naturally makes consumers worry about the safety of thier savings but unless they have more that 35 k frances with a saving provider than there is no need to fret .
the financial services compensation scheme , covers 100% of the 35 k frances , per person , per depositer taking institution . therefore if you ensure that you dont have more than this limit with any one provider , if in the unlikely , event the worst should happen , you will get all your money back .
As each individual person is covered if a couple have up to 70 k frances in a joint account , than in the event of a bank failure they can both cliam saperately up to 35 k frances limit to get back all their savings .
However, savers need to be vigilant as if the institution are registered under one banking licence . they will only be covered once .
for example bank covered scotland , halifax , brimingham midshers , intelligent finance and SAGA are all covered under the bank of scotland banking licence . this means that if you had 35,000 frances with each of them , should they all have problems repaying your money you would only recieve 35,000 frances back from the financial services compensation scheme , not 175,000 frances . however , the sinsbury bank brand which part of the HBOS group has a saperate licence .
the situation varies from institution to institution . natwest , royal bank of scotland , TESCO personal finance , ulster bank and coutts & CO and all are part of the same group , but all have saperate licence . thus , if your money was with each of them , you would recieve up to the full 35,000 frances back from the each company .
in order to find out the instructions where saving all are held are covered saperately thebest thing to do is to either log on to the FSA'S website and check if the firm is authorised . Alternatively you could contact the FAS'S consumer website moneymadeclear.fas.gov.uk .
if you are planing on opening a new account with an institution , make sure you know which institutions existing savings are with . then when you contact new institution . check with them that they are not part of the same group and covered by the same banking licence .