Cash ISA FSCS Allowance

[TuftyTracks]

I see Trading 212 holds client cash deposits spread over 3 separate banks; JP Morgan, Barclays and NatWest (in a deposit ratio of 16%:40%:44%). I understand that the FSCS covers up to £85K for each bank per account holder. Does this mean that I can invest over £85K in a Trading 212 cash ISA, and still be fully covered by FSCS for the full amount (theoretically up to £193K with this current bank deposit ratio) ?

[Veselin.V]

Welcome to the Community, @TuftyTracks

All of your funds and assets are protected by the Financial Services Compensation Scheme (FSCS). The compensation is for up to £85,000, which means your client assets and funds up to that limit will be returned to you, minus the administrators’ costs in handling these. For confirmation and more details, you can check out this article.

[TuftyTracks]

Thanks, the FSCS article.was helpful

However, for clarification:
If each of JP Morgan, Barclays and NatWest depositories are covered up to £85k, and if my ISA funds exceed £85k, but are held across the 3 banks, does that effectively give me 3 separate “pots” covered by FSCS, and together these can total over £85k with Trading 212 ?

[Veselin.V]

Yes, you’re correct. We have discussed this in more detail here:

@Momchil.G

If the banks where we hold your money fail and they are unable to return them, the FSCS can award up to £85,000 in compensation per bank. We want to highlight that this is unlikely as we keep your money only at systematically important banks, like JPMorgan Chase and Barclays.

[GrahamB]

Good to know, particularly when you have a cash ISA fund which significantly exceeds £85K. Unless I’m miscalculating, I could transfer another cash ISA pot of around £75k into this provider.