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FSCS deposit limit to be cut to £75k

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The Prudential Regulation Authority plans to cut the Financial Services Compensation Scheme protection limit for savers from £85,000 to £75,000.

The FSCS protects deposits up to £85,000 in the event of the failure of a bank, building society or credit union.

The existing £85,000 limit will remain in place until 31 December to allow savers to plan for and adjust to the change.

From today, depositors with “temporary high balances” will be covered up to £1m for six months from the date on which the money is transferred into their account, or the date on which the depositor becomes entitled to the amount.

The compensation limit originally set at was set at €100,000 (£71,000) in December 2010.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Richard Anderson 3rd July 2015 at 3:14 pm

    So what about those savers who currently saved £85000 in fixed term investments with the guarantee of it being covered by the FSCS. They cannot be unwound by 31 December.

  2. Promoting confidence in savers.

  3. As Richard says all those savers with 1-yr fixes or longer could see couples now uncovered by £20,000. This is not going to be well received!

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