Limit change consumer update

16th January 2017

£10,000 boost for FSCS limit

Savers will get a big boost in savings protection at the end of January.

The amount the Financial Services Compensation Scheme (FSCS) protects for deposits will increase by £10,000 on 30 January. The Prudential Regulation Authority confirmed the change today, 16 January 2017.

The Scheme will protect deposits up to £85,000 in banks, building societies and credit unions. Joint accounts will benefit from the increase with a new limit of £170,000.

Mark Neale, chief executive, says boosting the limit will protect more people. “The £85,000 limit protects about 98% of the UK public.  More people will have more protection for more of their money.”

Jargon Buster

  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.