FSCS Announce New Deposit Protection Limit
The Financial Services Compensation Scheme has announced a new limit on the amount of individual savings that are covered by the scheme.
The current £85,000 level of protection continues until 31 December 2015. So there’s no immediate change for consumers. That means people with more than the new limit have six months to spread their money around to keep within it.
The new limit, from the 1st January 2016, will be £75,000, which will protect more than 95% of all savers nationally. This reduction will not affect Churches’ Mutual’s savers as at present our deposit accounts are capped at £15,000.
More information can be found on the FSCS website.