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New FSCS limit coming
srm1
Posts: 151 Forumite
Has anyone seen that the FSCS limit is being lowered next year?
http://www.telegraph.co.uk/finance/personalfinance/savings/11716470/FSCS-savings-compensation-rules-the-new-75000-limit.html
Any ideas how this works if you are tied into fixed rate bonds with a penalty clause to remove money?
http://www.telegraph.co.uk/finance/personalfinance/savings/11716470/FSCS-savings-compensation-rules-the-new-75000-limit.html
Any ideas how this works if you are tied into fixed rate bonds with a penalty clause to remove money?
0
Comments
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If your estimated value at maturity is above £75k, then you would be permitted to make a penalty free withdrawal (up to a maximum of £10k) in order to bring this maturity value down to £75k. If your provider cannot offer a partial withdrawal, then you would be entitled to close the account penalty free.
More info here: http://www.bankofengland.co.uk/pra/Documents/publications/ps/2015/ps1815.pdf0 -
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Thank you both, this was the first time I had heard that this was going to happen.0
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