Mon, 31 Mar 2025

Mon, 31 Mar 2025 Plan to raise protection on savings to £110,000

The amount of savings protected if a bank goes under should rise from the current £85,000, a regulator says.

* The proposed change to banking rules will increase the deposit protection limit from £85,000 to £110,000.
* This means that savers can currently claim back up to £170,000 (£85,000 per person and an additional £85,000 for joint accounts) in the event of a bank or building society failure.
* The higher limit would apply from 1 December 2025 if adopted.
* The Financial Services Compensation Scheme (FSCS) has paid out over £20 billion to depositors since its foundation in 2008.
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