Savers have a new level of FSCS protection from 1 January. The limit for deposits is now £75,000.
The change follows a six-month transition period that gave anyone with balances exceeding the new limit time to adjust their balances before it came in.
Did you know FSCS protects your savings for free? Here’s the lowdown from Benedict Cumberbatch
- The new limit of protection will be £75,000 from January 2016.
- The £85,000 level of protection stands until the end of 2015.
If anything were to happen to your bank, building society or credit union, FSCS will automatically compensate you, normally within seven days.
You can check the limit, and that you’re fully protected at www.fscs.org.uk/protected
Mark Neale, FSCS Chief Executive,
Mark Neale, FSCS Chief Executive,
"The good news is that the new limit will protect some 97% of people, with about 93% of consumers having £50,000 or less in savings. What hasn't changed is the service FSCS provides consumers should the worst happen to their bank, building society or credit union. We continue to be there for them."
FSCS has come to the aid of millions of people since 2001 while paying out more than £26bn in compensation. It protects deposits, insurance, investments and mortgage broking.
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FSCS has come to the aid of millions of people since 2001 while paying out more than £26bn in compensation. It protects deposits, insurance, investments and mortgage broking.
Further Reading
Property News 2015 Property Eye Highlights @onthemarketblog
How BlockChain may solve fraud in Real Estate property industry #CRE
UK Property Markets Bank Of England Financial Stability Report December
Fed rate hike ,possible hints of Bank of England, interest rate rise may follow US
House price growth picks up as 2015 draws to a close says Nationwide Building Society
Rogue Landlords to be fined £30,000 & property owners banned for repeat offenses
Property sales fell sharply in November, says HMRC
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