The amount the Financial Services Compensation Scheme (FSCS) protects for deposits in banks, building societies and credit unions today increases from £75,000 back up to £85,000. Joint accounts will in turn benefit from the rise with a new limit of £170,000.
FSCS chief executive Mark Neale said: "The £85,000 limit protects about 98% of the UK public. More people will have more protection for more of their money." The FSCS offers a protection checker for savers here. The Bank of England's Prudential Regulation Authority (PRA) reduced the protection limit on single accounts from £85,000 to £75,000 in July 2015 as part of a regular review. Following last June's vote that the UK should leave the European Union (EU), however, the value of the pound plunged against the euro and, in November, the PRA said restoring the limit of deposit protect...
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