t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Are your bank deposits protected?

Source: HM Government | | 07/11/2017

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000 per person, per authorised bank or building society.

There is additional protection available to savers with certain types of temporary high balances, for example proceeds from a house sale, benefits payable under an insurance policy and inheritances. The additional FSCS protection is for amounts of up to £1m per depositor per life event and is available for up to six months. The FSCS offers unlimited cover for personal injury claims.

The limit is enough to cover the deposits of more than 95% of all savers in the UK. However, savers with more than £85,000 should consider opening multiple bank accounts with separate banks and building societies in order to increase their guaranteed savings limits. The FSCS was set up mainly to assist private individuals, although some businesses and small local authorities (such as parish councils) are also covered. The compensation limit is doubled for joint account holders.



 

Latest News

  • Appealing to a tax tribunal

    13/02/2018 - More...

    There are a number of different options open to taxpayers that disagree with a tax decision issued by HMRC. The first step is to make an appeal to HMRC against the tax decision. If

  • Does a charity pay tax?

    13/02/2018 - More...

    The tax treatment of charities can be very complex. As a first step any charity hoping to benefit from any beneficial treatment needs to be recognised as a charity for UK tax

  • Pay and paternity leave

    13/02/2018 - More...

    When your partner gives birth or when you adopt a child or have a baby by surrogate, you may be entitled to 1 or 2 weeks paternity leave and paternity pay. You are also entitled to

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login


Copyright © 2018 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy