UK Savings guarantee raised to £50,000
- Add article to Digg / del.icio.us /
Furl
- FREE online credit check
- FREE Instant Mortgage quote
The Financial Services Authority (FSA) has increased the amount of money you may claim back on any lost savings if a bank goes bust to £50,000.
This new limit will be affective from Tues 7th October. Before this date only the first £35,000 of your money would be protected. There may be calls to make the amount even higher in the face of Ireland introducing an unlimited guarantee on bank deposits this week, so check back here soon!
Just to add... the new limit for joint accounts will be a £100,000 guarentee.
All reclaim payments would come via the Financial Services Compensation Scheme and experts say this will be set up to allow faster settlement although the ins and outs of this havent been determined.
| 
