Find out if your savings are protected

Tom Wilson
15 September 2015
Now is the time to start thinking about moving any savings of more than £75,000 in one institution into a new account, as the protection enjoyed by savers in the UK will be cut back by £10,000 from 1 January 2016.Currently, an individual saver's money is protected by the Financial Service Compensation Scheme (FSCS) to the tune of £85,000 should the bank or building society they have their deposit with go bust. But, under the new rules, savers' money will be protected up to a limit of just £75,000, and £150,000 for joint accounts.It's therefore important to check that any savings accounts you have don’t exceed the £75,000 limit - especially as some providers have several brands under one umbrella group.For example, if you have a sizeable sum deposited with Bank of Scotland, you should be careful about also depositing cash with Halifax, Saga, and Birmingham, Midshires - all are covered under the same banking license.So click here to see our expanded table of which firms are covered under which banking license.

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