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

[ummmm]

This isn't new news. This has been news since the banks crashed.

[Tilly2]

Didn't it drop fairly recently? Has it now gone back up?

[Tilly2]

I thought that, currently, it was £70,000 per saver.

[rosyposy]

Oh sorry, I had no idea, just got email from building society which read as if it was completely new. :0(

[BAKERS DOZEN]

It was in the Daily Mail yesterday I think that it was going up from £75K to £85K. Often wondered where lottery winners put their winnings for safety.

[mikey4444]

Yes, this is "new" news :::::

https://www.theguardian.com/money/2016/nov/21/fscs-protection-revised-back-to-85000-bank-of-england-brexit

[Baldric]

Mikey, from your Link
///This article is 2 months old
Hilary Osborne and Jill Treanor
Monday 21 November 2016 12.39 GMT///

[cassa333]

The trouble with this is that it is limited to £80k saved within one organisation. You might have three lots spread over what you think is three different organisations but is in fact one.

Very difficult to get your full money back in some instances.

[mikey4444]

http://www.which.co.uk/news/2016/11/savings-compensation-limit-set-to-rise-by-10000-457357/

This is effective from 31-01-2017

[Baldric]

Agreed, but it was still published on 22 November 2016

[mikey4444]

I give up !

[Mamyalynne]

How about this - You're all right.

The decision to increase was made in November and came into force 30Th January 2017.

[mikey4444]

Mamy...that is exactly what each link I posted said !

[ubasses]

It will keep going up and down as long as we are in the EU. The compensation limit is EU 100,000. Britain has to convert it to sterling so every time there is a big enough shift in the exchange rate it will change.

[jennyjoan]

Err anybody tell me if you have more than £85,000 in your savings. Which I don't. Thanks - out for a mo

[jennyjoan]

Sorry ^^^ question was - getting confused re this site a bit.

Anyway what happens to you personally if you have more than £85,000 - say £185,000. Thanks

[Tilly2]

You have to put it in different banks, Jennyjoan.

[Mamyalynne]

//If you have a savings account with a provider that is authorised by the Financial Conduct Authority (FCA), up to £85,000 of your savings are protected. The rest of Europe has set compensation limits to 100,000 euros.

It’s important to remember that this £85,000 coverage is per person, per firm. So if you have more than this amount in savings, you should spread it around several financial institutions.//

[237SJ]

If you have more than £85,000 you can put it in NS&I and 100% of the money is guaranteed by the gov.

[mikey4444]

You are only covered for £85,000 in total, no matter how many institutions you put your money in. And you should careful which institutions you choose, as some of them are owned by the same company.

For instance, the Halifax, Bank of Scotland and BM Savings, are all owned by the same group, so it would make no sense in spreading it around those three.