Limit change consumer update

£10,000 boost for FSCS limit

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

By FSCS Team
16 January 2017 Compensation limits

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.”