UK Savings Account(s)

Yes, when we moved back in 2016 and was moving money over to buy a house then NS&I wasn't allowing USCs so I also was spreading the money around in multiple banks trying to keep under the £85k limit.

Can I ask what the 85k limit is about? Sorry as someone that naturalised as a citizen after 3 years of living in the states (then moving home) ... I'm not 100% clued in with every recording limit. Thanks!

Can I ask what the 85k limit is about? Sorry as someone that naturalised as a citizen after 3 years of living in the states (then moving home) ... I'm not 100% clued in with every recording limit. Thanks!

If the bank goes bust you get all your money back up to £85k through the FSCS

https://www.fscs.org.uk/what-we-cover/#:~:text=Bank%20and%20building%20societies&text=up%20to%20%C2%A385%2C000%20per,%C2%A3170%2C000%20for%20joint%20accounts.

Here you can find the FSCS compensation limits for each financial product we protect. The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules.

If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you.

up to £85,000 per eligible person, per bank, building society or credit union.
up to £170,000 for joint accounts.
We protect certain qualifying temporary high balances up to £1 million for 6 months from when the amount was first deposited.

If the bank goes bust you get all your money back up to £85k through the FSCS

https://www.fscs.org.uk/what-we-cover/#:~:text=Bank%20and%20building%20societies&text=up%20to%20%C2%A385%2C000%20per,%C2%A3170%2C000%20for%20joint%20accounts.

Here you can find the FSCS compensation limits for each financial product we protect. The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules.

Oh yes !! Sorry apologies I thought you both meant that it was on the US reporting side of things where 85k would perhaps be an issue/require additional forms. Thanks!

Oh yes !! Sorry apologies I thought you both meant that it was on the US reporting side of things where 85k would perhaps be an issue/require additional forms. Thanks!

Yes, it’s not normally a problem for us apart from the time we moved loads of money over to buy a house and splitting up the money in multiple accounts meant more accounts to report on both FBAR forms and IRS 8938 forms. That was the only year we hit the limits requiring 8938 forms.

Yes, it’s not normally a problem for us apart from the time we moved loads of money over to buy a house and splitting up the money in multiple accounts meant more accounts to report on both FBAR forms and IRS 8938 forms. That was the only year we hit the limits requiring 8938 forms.

Ah ok!! Am I correct in saying that form 8938 is FACTA?

Ah ok!! Am I correct in saying that form 8938 is FACTA?

Exactly