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.”