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Savings protection limit increases from £50,000 to £85,000 31/12/10
worldtraveller
Posts: 14,013 Forumite
The compensation limit for people who lose money if their bank, building society or credit union goes bust, has increased from £50,000 to £85,000.
The new limit starts on Friday and applies to every customer at each authorised firm.
The new limit is part of a Europe-wide requirement for each country to offer compensation equivalent to 100,000 euros.
Compensation will be paid by the Financial Services Compensation Scheme.
The Financial Services Authority (FSA) said the new higher limit would cover the "vast majority" of UK savers.
BBC News
The new limit starts on Friday and applies to every customer at each authorised firm.
The new limit is part of a Europe-wide requirement for each country to offer compensation equivalent to 100,000 euros.
Compensation will be paid by the Financial Services Compensation Scheme.
The Financial Services Authority (FSA) said the new higher limit would cover the "vast majority" of UK savers.
BBC News
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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I've still got my money in £35k 'pots', this will make it easier to understand/control. You needed too many accounts under the old rules and I struggled with the volume of accounts I opened.0
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Nice to know there are still some cash rich people out there!!PasturesNew wrote: »I've still got my money in £35k 'pots', this will make it easier to understand/control. You needed too many accounts under the old rules and I struggled with the volume of accounts I opened.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
Nice to know there are still some cash rich people out there!!
Cameron & Osborne had a chat about the minimum amount they could spread their own personal wealth between multiple bank accounts & it was £85k in each.
Now if I were going to put money on the reason why the figure of £85k came about it would be a reason like the above but I am allowed to be cynical because its still 2010.
Sod it. I will continue to be cynical in 2011...........Not Again0 -
will not effect 99% of the population. did i miss something or did any investors with money in uk banks lose out !!
Its absolute tosh, yeah our banking system collapsed and no one lost a dime from a bank account.0 -
all savers money in British Banks (with a British banking licence) should be 100% guaranteed by the government.
if a bank goes under and you have a million pound mortgage will the bank cancel it? NO. so why are savers penalised.
A strong domestic banking system is the cornerstone of an economy.0 -
whatyadoinsucka wrote: »will not effect 99% of the population.
Maybe someone with more patience than me can Google it, but I imagine that there's a lot more than 1% of the population with £50,000+ in cash or cash-esq products.0 -
all savers money in British Banks (with a British banking licence) should be 100% guaranteed by the government.
if a bank goes under and you have a million pound mortgage will the bank cancel it? NO. so why are savers penalised.
Just to play devils advocate, why should savers be 100% protected? You chose who you give your money to and therefore you take the risk, right?0 -
Good news for all the wannabe buyers in here,they're all sat on pots cash waiting to pounce.Official MR B fan club,dont go............................0
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Because as a Society we've been told to put our money in the banks, to save it, be paid directly into bank accounts ..... so why not. It's supposed to be safe there.Just to play devils advocate, why should savers be 100% protected? You chose who you give your money to and therefore you take the risk, right?0 -
It's hard to pounce when there's nothing you fancy. . . and what you see is opportunistic/overpriced. I'd shell out for "the one", but if I've got a 12 point ticklist and it's not hitting all 12 and it's still costing 10% more than I have, then I'll not even view it.Good news for all the wannabe buyers in here,they're all sat on pots cash waiting to pounce.0
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