New Compensation Savings Limit

[rosyposy]

Just had word that the financial compensation scheme limit has increased from £75,000 to £85,000 per saver, applies from 30th January 2017. Apologies if this has already been posted. Rosy

[ubasses]

Compensation limits are per person per firm, and per claim category.
Just remember if you save with more than one Company in the same group you will only be covered for 1 x £85000.

[jennyjoan]

are you really saying that the Financial people say you are not allowed to have more than £85,000 even if you worked, stole it, jumped over poles. On a serious note £85,000 - ok what about the your house - does that come in to it.

[Mamyalynne]

No your house doesn't come into it - this refers to savings held in a financial institution and as said if you are spreading your money make sure they are in the scheme and the different banks don't exist under the same umbrella company.

[Gizmonster]

//// are you really saying that the Financial people say you are not allowed to have more than £85,000 even if you worked, stole it, jumped over poles. On a serious note £85,000 - ok what about the your house - does that come in to it. ////

Jenny - you can have as much money as you want and you can put it wherever you want.
This £85 000 limit is the amount you're protected for in case your bank goes bust.
So if you have anything up to £85 000 in an account and the bank goes bust, the government will protect your savings ..... anything over that and you''ll be chasing your tail for scraps.
If you have over £85 000, you can spread it over several banking institutions, so that all over your money is protected.
The following link provides a list of different institutions, as someone already explained earlier, some banks fall under the same umbrella:

http://www.money.co.uk/guides/which-banks-count-as-one-under-the-financial-services-compensation-scheme-fscs.htm

[jennyjoan]

Thanks Gizmo.