Splitting accounts when £85k reached

[tjh290633]

Something else that is very worrying is a current account that is linked to a bank account. Barclays have recently gone this way. This is a massive potential security risk. A hacker can then potentially get into both accounts in one go and siphon off your money.

The bank account need only be one used for the purpose. It does not need to be one with lotsamoney in it, nor one with the same bank as one's other assets.

TJH

[GeoffF100]

By a linked bank account, I mean a bank account with the same bank as the share dealing account, and with a single log in to both accounts. I do not believe that is a good idea at all.

I did at one time, have separate current accounts for investment purposes and personal spending. This made sense when Internet bank accounts paid a premium rate of interest, but did not offer any way of getting cash if I lost my cards. I do not bother now.

[jackdaww]

I split my investments across multiple brokers. This is because i find it easy to imagine a cyber-attack which sells all the assets in my account and then pockets the proceeds, leaving me with a restricted level of compensation if this action brings down the broker. Am I paranoid?

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if you are , so am i ..

[GeoffF100]

You have to keep a sense of proportion here. I have about ten times the compensation limit in Vanguard funds alone. Should I lay awake at night worrying that Vanguard will sell my units and run off with the money? There are only two Registrars in the UK, and I believe that they both offer services to sell shares in their custody. Should I worry that they will sell my shares and run off with the money? It makes sense to spit your assets into a few well separated heaps, but 10, 20, 40, 50 or more? Even if we wanted to, it could not be done.

[MyNameIsUrl]

Jon277 posted here:
viewtopic.php?f=15&t=12337

After the recent issue with Beaufort security I have been wondering as to whether to start another account for HYP

I will certainly be interested to know if people's views have changed since the responses earlier in this thread...

[77ss]

Jon277 posted here:
viewtopic.php?f=15&t=12337

After the recent issue with Beaufort security I have been wondering as to whether to start another account for HYP

I will certainly be interested to know if people's views have changed since the responses earlier in this thread...

Not in the slightest. I think that the story of Beaufort just highlights the importance of making sensible choices of broker and investments.

If you only use one broker, a second may protect you against any temporary lack of access to your investments.

[PinkDalek]

Not in the slightest. I think that the story of Beaufort just highlights the importance of making sensible choices of broker and investments.

Agreed and for those who've missed the Beaufort discussions at TLF, here's a couple at Brokers and Share Dealing (which seems a better place than Investment Strategies):

viewtopic.php?p=121976#p121976 (Only just spotted that was yours)
viewtopic.php?p=142281#p142281

[bluedonkey]

My pension/SIPP is with one group but I have split the ISAs between two brokers.

[JohnB]

2 brokers, 2 current accounts, 2 fund providers should provide confidence about access, I think fraud is so unlikely unless you push your luck, as Beaufort seemed to do.