It could be important to do this as some banks share a banking licence, hence the £85,000 or £170,000 limits apply across the accounts.
“Where you hold your money could affect how much compensation you’re entitled to,” the FSCS website explains.
“If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank.
“This means that our compensation limit applies to the total amount you hold across all these accounts, not to each separate account.”
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