Ascentric deposits client money with up to 8 banks that are all rated ‘A’ or higher by ratings agency Standard & Poor’s. Currently these are HSBC, Lloyds, Barclays, Abbey, RBS, HBOS, Northern Rock and Nationwide.
In the unlikely event of a bank failure, the Financial Services Compensation Scheme (FSCS) guarantees up to £50,000 per bank for each client. To offer maximum protection, deposits would need to be divided equally between the above banks. However in order to secure a competitive client interest rate, this cannot be guaranteed.
Please note, that the £50,000 protection is for the client's total holding with a single institution and also includes holdings outside of the platform.
For Ascentric's interest rates, please click on the link above.
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