The New Top Easy Access Savings Discussion Area

Kim_13

KevinG said:

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

Normally interest is allowed on top as long as you don't make any further deposits. This is how Atom works anyway.

As £85,000 is the FSCS compensation limit, Snoop may be doing customers a favour with that limit and I would withdraw the interest regardless of whether they would allow it or not.

dosh37

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

masonic

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Because the previous limit was much lower and going back to the early days, it is still lower than £85k in today's money.

dosh37

masonic said:

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Because the previous limit was much lower and going back to the early days, it is still lower than £85k in today's money.

Ok - so it's still a con?

dosh37

As a saver I spend many pointless hours moving cash between accounts to avoid the £85K limit.

My understanding is that there are proposals to increase the limit to £110K.

dekkard

The £85k threshold is under review and may be increased in December.

https://www.bankofengland.co.uk/news/2025/march/the-pra-proposes-raising-fscs-deposit-protection-limit

dosh37

About time!

masonic

dosh37 said:

masonic said:

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Because the previous limit was much lower and going back to the early days, it is still lower than £85k in today's money.

Ok - so it's still a con?

The FSCS is not a con. I've personally benefited from it. Or did you mean Brexit?

mebu60

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Was set to £85k to match €100k in EU. Was £50k before that.  

masonic

mebu60 said:

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Was set to £85k to match €100k in EU. Was £50k before that.  

And £35k in 2008.