FSCS deposit protection level returns to £85,000 today

clock • 1 min read

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

PMI sees highest new complaints for protection: FOS

PMI sees highest new complaints for protection: FOS

Q3 2025/26

Jaskeet Briah
clock 05 February 2026 • 2 min read
The perils of misreading the regulator

The perils of misreading the regulator

Loaded premiums and MS24/1

Tony Müdd
clock 03 February 2026 • 4 min read
The COVER Review: FCA Pure Protection Market Study

The COVER Review: FCA Pure Protection Market Study

Week commencing 26 January 2026

COVER
clock 30 January 2026 • 1 min read