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Protecting Hard Earned Savings in UK

Latest_News and Events from England, Ireland, Scotland, Wales
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  • #47718
    admin
    Keymaster
        • Topics: 560
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        • Practcally Cretan
        • ★★★★★★
        Member since: 1st January 2005

        In case you missed it, the Financial Services Compensation Scheme which guarantees bank deposits in Britain lowered the protected amount from £85,000 to the lower £75,000 from January 1, 2017. This rule applies to your holdings in any one bank or building society.

        I cannot think of a convincing argument why the government should have made this move. Can you? It seems like it is an anti-consumer move.

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        #48033
        Kefalas
        Participant
            • Topics: 46
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            • Practcally Cretan
            • ★★★★★★
            Member since: 8th March 2014

            Buy gold with the excess. I mean the real stuff that you can hide under your mattress. Long=term, it’s not going to depreciate.

            #48167
            fireman sam
            Participant
                • Topics: 9
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                • BIC Old Hand
                • ★★★★
                Member since: 27th November 2005

                Missed what? At the end of January the compensation limit is increasing from £75,000 to £85,000. The amount of money protected by the FSCS is linked to a European-wide protection level of €100,000. The increase is due to the falling value of the pound and is intended to bring the UK level of protection back in line with that €100,000 level.

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