New FSCS deposit protection limit

Darnhall123

masonic said:

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.

Oh yes of course I know that. I misunderstood what you were saying. I assumed you meant there was a way to get more than £85k with one provider. 

I have a 5yr fix with Shawbrook where next year (year 4) was taking me over the £85k. Hopefully if Rachel in accounts doesn’t reduce the cash limit, the new £110k will work for me. 

masonic

Darnhall123 said:

masonic said:

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.

Oh yes of course I know that. I misunderstood what you were saying. I assumed you meant there was a way to get more than £85k with one provider. 

I have a 5yr fix with Shawbrook where next year (year 4) was taking me over the £85k.

Then you are in a rather niche situation in that you happen to be at the existing FSCS limit in a rare cash ISA fix that by convention has allowed additional deposits throughout the term. Fortunately the media hasn't been trying to whip people up into a frenzy about Shawbrook not being able to afford to continue letting people add to ISAs at such advantageous rates, and is considering ending that generous practice. Which of course they could at any time.

wmb194

Darnhall123 said:

masonic said:

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.

Oh yes of course I know that. I misunderstood what you were saying. I assumed you meant there was a way to get more than £85k with one provider. 

I have a 5yr fix with Shawbrook where next year (year 4) was taking me over the £85k. Hopefully if Rachel in accounts doesn’t reduce the cash limit, the new £110k will work for me. 

There is with NS&I: the money's lent directly to the Treasury so it guarantees all your deposits 100%. Its rates aren't usually the most competitive though.

Darnhall123

masonic said:

Darnhall123 said:

masonic said:

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.

Oh yes of course I know that. I misunderstood what you were saying. I assumed you meant there was a way to get more than £85k with one provider. 

I have a 5yr fix with Shawbrook where next year (year 4) was taking me over the £85k.

Then you are in a rather niche situation in that you happen to be at the existing FSCS limit in a rare cash ISA fix that by convention has allowed additional deposits throughout the term. Fortunately the media hasn't been trying to whip people up into a frenzy about Shawbrook not being able to afford to continue letting people add to ISAs at such advantageous rates, and is considering ending that generous practice. Which of course they could at any time.

I took the 5yr fix out in 2022/2023 @ 5.22% and have (so far), been able to max it out every year. Depending on what Rachel Reeves announces in a few weeks time, I should get another year at least out of the rate as long as the FCSC limit is raised to the rumoured £110k. 

masonic

Darnhall123 said:

masonic said:

Darnhall123 said:

masonic said:

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.

Oh yes of course I know that. I misunderstood what you were saying. I assumed you meant there was a way to get more than £85k with one provider. 

I have a 5yr fix with Shawbrook where next year (year 4) was taking me over the £85k.

Then you are in a rather niche situation in that you happen to be at the existing FSCS limit in a rare cash ISA fix that by convention has allowed additional deposits throughout the term. Fortunately the media hasn't been trying to whip people up into a frenzy about Shawbrook not being able to afford to continue letting people add to ISAs at such advantageous rates, and is considering ending that generous practice. Which of course they could at any time.

I took the 5yr fix out in 2022/2023 @ 5.22% and have (so far), been able to max it out every year. Depending on what Rachel Reeves announces in a few weeks time, I should get another year at least out of the rate as long as the FCSC limit is raised to the rumoured £110k. 

It also depends on what Shawbrook does. If they move your product to closed issue status, then it will stop accepting additional deposits 7 days later. It has not done this with historic fixes to date, but it remains an option for them.

The only thing that is reasonably assured in all of this is the FSCS limit increase to £110k. It would not surprise me at all if neither of the other things change. It's worth remembering that the cash ISA limit reduction bogeyman was wheeled out for the previous spring statement and didn't happen.

mta999

The 110k limit seems to.be on from 1 Dec

https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html&_gl=1*1wpylyr*_gcl_au*MTUyNTQxMDYzNy4xNzU4MzcxODU3*_ga*MTU4ODk5NzMxMS4xNzU4MzcxODUw*_ga_C9F47K6NW6*czE3NjI2ODU0MzEkbzgwJGcwJHQxNzYyNjg1NDMyJGo1OSRsMCRoMTEyMzI0NDIz

masonic

mta999 said:

The 110k limit seems to.be on from 1 Dec

https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html&_gl=1*1wpylyr*_gcl_au*MTUyNTQxMDYzNy4xNzU4MzcxODU3*_ga*MTU4ODk5NzMxMS4xNzU4MzcxODUw*_ga_C9F47K6NW6*czE3NjI2ODU0MzEkbzgwJGcwJHQxNzYyNjg1NDMyJGo1OSRsMCRoMTEyMzI0NDIz

"The Mail on Sunday understands". So still speculation at this point, and not even willing to state there is a credible source.

Reading the article, I do have more sympathy for the OP twinning this with the cash ISA limit speculation, which is a great deal more tenuous.

We've known since March that the FSCS limit change would be confirmed in November and apply from 1st December, and seemed likely to go ahead given the backing of the BoE/PRA. The article doesn't even provide an improved estimate of when in November the decision might be announced.

intalex

Darnhall123 said:

I took the 5yr fix out in 2022/2023 @ 5.22% and have (so far), been able to max it out every year. Depending on what Rachel Reeves announces in a few weeks time, I should get another year at least out of the rate as long as the FCSC limit is raised to the rumoured £110k. 

I have the same but went a little more optimal with only £1k (min balance) prior year funds on opening in TY23/24 but used other (decent rate) ISAs for that tax year and saved this one strictly for future annual allowances.

masonic said:

It also depends on what Shawbrook does. If they move your product to closed issue status, then it will stop accepting additional deposits 7 days later. It has not done this with historic fixes to date, but it remains an option for them.

Didn't know Shawbrook had a get-out clause on this, I hope they keep allowing in new money even if capped to an 85k overall limit. That is, if the upcoming budget doesn't yield a Liz/Kwasi like outcome in the markets...

Ocelot

I hope it increases, because I inadvertently went well over the limit with Shawbrook this year after transferring an expiring ISA to them.

intalex

Ocelot said:

I hope it increases, because I inadvertently went well over the limit with Shawbrook this year after transferring an expiring ISA to them.

Out of interest, was it a newly opened ISA with Shawbrook or are you a lucky one who was allowed to transfer in much later than 14 days after opening the ISA?