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News savings tool allows consumers to check their money is FSCS protected
The Financial Services Compensation Scheme (FSCS) has produced a new online tool for consumers who want to know whether their savings are protected.
The simple savings protection checker – which can be found at www.fscs.org.uk/protected/ – has been created by FSCS with the support of the Prudential Regulation Authority (PRA). It allows people to enter the names of their banks, building societies and credit unions they have money with. The checker then informs them whether their savings are protected by FSCS. People with money in an institution which is not authorised by the PRA, or with more than £85,000 in a savings or deposit account, are informed how much of their money is at risk.
Find out more about the protection checker