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The first £85,000 per person saved in UK-regulated institutions (this includes all the biggies except Dutch-protected ING Direct) is guaranteed by the UK Government.
How does the protection work?
All UK- regulated deposits, which includes money saved and accumulated interest, in bank or building society savings products, are covered by the FSCS.This is an independent fund set up by UK financial bodies and regulated by the FSA, which promises that, in the event of a bank collapsing, you get some of your money back, though it's likely you'll lose access to the cash while compensation is being dished out.
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