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...
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