I was after some advice. I have a number of Fixed Rate Savings Bonds. Can you confirm that Fixed Rate Savings Bonds fall under Deposits (whereby a person puts money into a bank or building society for interest or safe keeping) and that these fixed rate bond saving accounts are covered by the FSACS if the bank or building society was to go bust up to £35,000 per investor per bannk or building society (except where a bank or building society falls under the same banking group) Also would interest still be paid on the fixed rate saving bond up to the value of £35,000
Yes Molly, we're in the same situation and we believe your outline of the situation is correct. However we seem to be guaranteed only the original investment up to £35,000 (now £50,000 as from this week). The payment of interest is a grey area
Yes, these are deposits under the scheme. The scheme covers all the funds in the account, both your original capital and the interest earned. So if your savings are approaching the £50k mark then you'll want to have a look at transferring some of this to avoid a lack of protection in the future.
