FSCS limits and ISAs

[MrOrange]

I note that the limit of protection for ISAs is £85k so is it wise to stop paying into ISA A and open ISA B at another firm as you get closer to that limit?

And, in related thinking, is PH favourite, Intelligent Money ISA covered by FSCS?

[deja.vu]

FSCS limit relates to cash deposits.

[Greenmantle]

Ultra cautious I know
I go for Fixed Rate ISAs so I know how much interest I am getting.
Therefore I deduct the interest from £85K and that is what I stick in with one Building Society.
I also mix ISAs and Cash Bonds. Same thing applies.

[AdamIM]

MrOrange said:

I note that the limit of protection for ISAs is £85k so is it wise to stop paying into ISA A and open ISA B at another firm as you get closer to that limit?

And, in related thinking, is PH favourite, Intelligent Money ISA covered by FSCS?

Hi MrOrange,

In regards IM, cash holdings are protected by the FSCS scheme. All other investments are registered in client names so are not at risk from IM, their custodian or brokers potential failure. I hope that clarifies.

Regards

Adam

[MrOrange]

AdamIM said:

Hi MrOrange,

In regards IM, cash holdings are protected by the FSCS scheme. All other investments are registered in client names so are not at risk from IM, their custodian or brokers potential failure. I hope that clarifies.

Regards

Adam

Brilliant answer, thank you. I am a bit thick at this fin planning stuff - always good to have a knowledgeable bod on hand. Cheers.

[Jockman]

Remember FSCS limits of £85k are per license.

Halifax and Lloyds for example are a single license.

[deja.vu]

AdamIM said:

MrOrange said:

I note that the limit of protection for ISAs is £85k so is it wise to stop paying into ISA A and open ISA B at another firm as you get closer to that limit?

And, in related thinking, is PH favourite, Intelligent Money ISA covered by FSCS?

Hi MrOrange,

In regards IM, cash holdings are protected by the FSCS scheme. All other investments are registered in client names so are not at risk from IM, their custodian or brokers potential failure. I hope that clarifies.

Regards

Adam

Adam, which bank do IM lodge the money in?
As to Jockmans point, protection is per licence, someone may find they aren’t protected as you bank with the same group as they have their own cash saved in? (IM not being a bank or having a banking licence)

Or is that not how it works ?

Edited by deja.vu on Thursday 13th April 06:41

[PM3]

IM Cash ( if you notice while paying in ) is with METRO Bank

[alscar]

" Suggestion " in the news today that BOE is looking at increasing individual protection limits ?