Friday, October 3, 2008

FSA raises depositor protection limits

Savings guarantee to be £50,000

The Financial Services Authority (FSA) has raised the limit to the amount of deposits that are guaranteed should a bank go bust to £50,000. The new limit will come into effect on Tuesday 7 October. Previously, the first £35,000 of savers' deposits had been protected. The FSA will now consult on whether the limit should be raised even higher.

Posted by jack c @ 02:05 PM (684 views)
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4 thoughts on “FSA raises depositor protection limits

  • No thanks, I’d rather have all of my savings protected in a European bank.

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  • how rude
    all the other countrys are adopting total protection for your savings apart from UK and also prescriptions england only place left where u have to pay for them.
    wow i love this place

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  • But could they pay all the STRs back?

    I’m sticking with <= £35K per institute, sure I'm lucky to be in this position..... it does take some juggling though. Somehow I'm just not very trusting of foreign banks; I mean, I'd have to fly out somewhere to fill out forms? What if there money runs out.... Well done Labour Frank

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  • well 35k, 50k, 80k does it matter ? it is just a populist measure which does not cost any government anything whatsoever & please the general public. If you really worry about your cash, withdraw it and keep it under the mattress. Whether your money is with one bank or several banks, the guarantor is the government. If the government goes bust, you wont get your money back whether it is in chunks of 50k or as a whole.
    I think it is a complete waste of time to spread your cash around. You either believe the country is a safe place or not.

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