I have my money in a joint account in a High Street bank. How would FSCS pay compensation if the bank failed?
The compensation limit of £50,000* applies to each depositor for the total of their deposits with an organisation, regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in that account is split equally between account holders, unless evidence shows otherwise. This means that each account holder in a joint account would be eligible for compensation up to the maximum limit. *The FSA amended our rules to increase the limit to 100% of the first £50,000 with effect from 7 October 2008. For claims against credit unions declared in default between 1 October 2007 and 6 October 2008, the maximum level of compensation is £35,000 (100% of the first £35,000). For claims against credit unions declared in default before 1 October 2007, the maximum level of compensation is £31,700 (100% of the first £2,000 and 90% of the next £33,000).
