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Loan Protection: Personal savings to be guaranteed up to £85k

The personal savings guarantee limit in the UK is set to be raised to £85,000 at the end of the year to maintain parity with Europe.

From December 31st, British savers will be eligible for full compensation of up to £85,000 if their respective financial institution collapses. The previous deposit guarantee limit was £50,000.

The move is set to bring the UK in line with member states of the European Economic Area, who are set to raise the limit to 100,000 euros.

Mark Neale, chief executive of the Financial Services Compensation Scheme (FSCS), said: "The new limit is good news for consumers and will provide greatly enhanced FSCS protection for people.

"It comes into force at the same time the Scheme is implementing changes that will see us paying out the vast majority of depositors within seven days. 2011 will bring greater FSCS protection."

British savers' money is covered by the FSCS, while those who make deposits in branches of EEA banks operating in the UK will be covered by the scheme operating in their bank's respective country.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800308026-ADNFCR

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