WIREDGOV

People now have more financial protection for their deposits.

The Financial Services Compensation Scheme (FSCS) limit is now £85,000. It’s up £10,000 after an increase by the regulator earlier this month. And the limit for joint accounts moves to £170,000.

Chief Executive, Mark Neale, says the increase strengthens savings protection.

“Increasing our limit means we’ll protect more money and more people. Our new limit will protect about 98% of the UK public. So people can be sure their money in banks, building societies and credit unions is safe.”