New FSCS deposit protection limit

Darnhall123

I’ve just heard on This is Money podcast that the FSCS deposit protection limit is likely to be raised on December 1st from £85k to £110k. 

This is quite big news so I’m surprised I haven’t heard more about it. 

Can’t say I’ve ever heard Martin L mention it!
Shame it’s coinciding with the likelihood that Rachel Reeves will be reducing the cash ISA savings allowance 😤🤬

masonic

It's already possible to have way above £85k in cash ISAs all under FSCS protection, so ISA savers will still benefit from this if they wish to consolidate.

Here is a previous thread on the subject: https://forums.moneysavingexpert.com/discussion/6626630/fscs-deposit-protection-limit-is-it-increasing-from-85k-on-dec-1st

Here is an earlier discussion and news story when this was proposed in March: https://forums.moneysavingexpert.com/discussion/6598380/the-prudential-regulation-authority-proposes-raising-fscs-deposit-protection-limit-to-110-000/p1

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

Devongardener

Well it’s still a proposal and not yet approved by the treasury, so I guess Martin will discuss it then.

Albermarle

Darnhall123 said:

I’ve just heard on This is Money podcast that the FSCS deposit protection limit is likely to be raised on December 1st from £85k to £110k. 

This is quite big news so I’m surprised I haven’t heard more about it. 

Can’t say I’ve ever heard Martin L mention it!
Shame it’s coinciding with the likelihood that Rachel Reeves will be reducing the cash ISA savings allowance 😤🤬

Like all the other rumours about ISAs, you should wait until an actual announcement is made.

intalex

Hmmm... that Shawbrook ISA with an open pay-in window for new annual ISA allowances...

Darnhall123

intalex said:

Hmmm... that Shawbrook ISA with an open pay-in window for new annual ISA allowances...

I have approx £65k in a Shawbrook 5yr / 5.22% ISA. Currently in year 3.  I had only planned on putting around £10k in 2026/2027, but if this new limit is happening, I’ll be able to max out again. 

Darnhall123

Albermarle said:

Darnhall123 said:

I’ve just heard on This is Money podcast that the FSCS deposit protection limit is likely to be raised on December 1st from £85k to £110k. 

This is quite big news so I’m surprised I haven’t heard more about it. 

Can’t say I’ve ever heard Martin L mention it!
Shame it’s coinciding with the likelihood that Rachel Reeves will be reducing the cash ISA savings allowance 😤🤬

Like all the other rumours about ISAs, you should wait until an actual announcement is made.

Oh of course. But this one sounds like it’s happening the way they were talking and looking into it, the rumour has actually been around for a while. 

About time too. 

Darnhall123

Devongardener said:

Well it’s still a proposal and not yet approved by the treasury, so I guess Martin will discuss it then.

I’m sure he will. I’m just surprised I’ve never heard him mention it at all, especially as it’s only weeks away. 

Darnhall123

masonic said:

It's already possible to have way above £85k in cash ISAs all under FSCS protection, so ISA savers will still benefit from this if they wish to consolidate.

Here is a previous thread on the subject: https://forums.moneysavingexpert.com/discussion/6626630/fscs-deposit-protection-limit-is-it-increasing-from-85k-on-dec-1st

Here is an earlier discussion and news story when this was proposed in March: https://forums.moneysavingexpert.com/discussion/6598380/the-prudential-regulation-authority-proposes-raising-fscs-deposit-protection-limit-to-110-000/p1

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

How is it possible to have “way above £85k, all under FSCS protection” 
I thought it was £85k with one financial institution? 

Aretnap

Darnhall123 said:

masonic said:

It's already possible to have way above £85k in cash ISAs all under FSCS protection, so ISA savers will still benefit from this if they wish to consolidate.

Here is a previous thread on the subject: https://forums.moneysavingexpert.com/discussion/6626630/fscs-deposit-protection-limit-is-it-increasing-from-85k-on-dec-1st

Here is an earlier discussion and news story when this was proposed in March: https://forums.moneysavingexpert.com/discussion/6598380/the-prudential-regulation-authority-proposes-raising-fscs-deposit-protection-limit-to-110-000/p1

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

How is it possible to have “way above £85k, all under FSCS protection” 
I thought it was £85k with one financial institution? 

Erm... split it between more than one institution? 

Increasing the FSCS limit makes holding large amounts of cash under FSCS protection a bit less of a faff, but it doesn't actually increase the total amount that you can keep under FSCS protection until you are taking about SERIOUSLY large amounts of cash.

masonic

Darnhall123 said:

masonic said:

It's already possible to have way above £85k in cash ISAs all under FSCS protection, so ISA savers will still benefit from this if they wish to consolidate.

Here is a previous thread on the subject: https://forums.moneysavingexpert.com/discussion/6626630/fscs-deposit-protection-limit-is-it-increasing-from-85k-on-dec-1st

Here is an earlier discussion and news story when this was proposed in March: https://forums.moneysavingexpert.com/discussion/6598380/the-prudential-regulation-authority-proposes-raising-fscs-deposit-protection-limit-to-110-000/p1

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

How is it possible to have “way above £85k, all under FSCS protection” 
I thought it was £85k with one financial institution? 

Yes, but you can hold ISAs with more than one financial institution. Additionally, some providers are aggregators who spread your money between multiple partner banks.