Government safeguarding

Currently for every customer of a bank or building society the government will safeguard £85,000, however this will drop to £75,000 from January 1, 2016.

The Bank of England announced the cut, based upon a stronger pound against the Euro ensuring Britain’s Financial Services Compensation Scheme remains in line with the depositor guarantee schemes in Europe which cover up to 100,000Euros. This compensation limit is recalculated every 5 years.

Customers with large temporary balances for a specific reason, for example, after the sale of property, are covered for up to £1m for a period of 6 months.

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