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New £85,000 savings safety limit, from Fri 31 Dec cap jumps from £50,000
30 December 2010 @ 16:10

From Martin's MoneySavingExpert site..

Up to £85,000 savings per person, per financial institution will soon be protected by the govt's Financial Services Compensation Scheme (FSCS) bringing us in line with the EU's €100,000 limit...

  • Use fewer accounts to earn more. The golden rule's always been spread savings in different institutions to get 100% protection. The new cap means you need fewer accounts (eg, if over the limit £160k requires 2, not 4) so consolidate into the highest payers (see below).

  • It must be fully UK regulated. Some EU banks opt to rely on their home country's protection, eg, ING Direct savers depend on a Dutch govt bail out. Check if yours is non-UK regulated.

  • It's per institution not per bank. Sister banks Halifax and Bank of Scotland share a licence, so total protection's £85,000 for all accounts in both. Other sisters NatWest and RBS have separate licences so you get £85,000 in EACH. Check your bank's links.

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