Limited Company Bank Accounts Protected?

[thegreengoblet]

I seem to find conflicting answers on the web...

My limited company turns over about 100k. I have a Business Account with RBOS. Is it protected up to the £50k limit like personal accounts?

[zadumbreion]

Yes

[oilandwater]

100% sure?

[Eric Mc]

Small businesses (limited companies, partnerships and sole traders) have the same cover as an individual.

The definition of "small" is the same definition used under the Companies Act for small limited companies.

[Ade355]

I phoned up the FSCS yesterday to ask about this. The information I was given is as Eric said. I also was told that if you have multiple limited companies and a personal account with the same FSA license holder (ie bank or group of banks) then you get cover for each entity separately/individually.

If ive been given the wrong information I will be VERY pissed off as Ive just spent a few hours shifting cash around and paying dividends between companies to even things out in the hope that im now in a safer position.

Also I found out from FSCS that Lloyds and HBOS currently still have separate licenses, so you have two times cover if you have an account with both of the same named entity.

Please dont rely on any of this as fact, its just what the FSCS told me over their customer services phone line. However they would not give me this information in writing (!?) which all seemed a little wierd and a tad open ended...