24Dec
2015
2015
Bank deposit protection is reducing
David Flowers / 0 Comments /The level of protection provided for UK bank cash deposit accounts is changing.
From 1 January 2016 the new limit will change to bring the UK into harmony with existing EU legislation. From then the Financial Services Compensation Scheme (FSCS) will automatically cover your deposit to a maximum of £75,000 (down from £85,000) per person, per bank (£150,000 for joint bank accounts).
If you have a term deposit of more than £75,000 (which you would not ordinarily be able to access) you will be allowed to extract up to £10,000 free of early redemption penalties.
Large companies and small local authorities (such as parish councils) now also benefit from the same FSCS protection limit.
More information about the FSCS is available at www.fscs.org.uk
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