Savings protection up to £50,000

Today your savings in banks covered by the UK Financial Services Compensation Scheme (FSCS) are guaranteed safe up to £50,000 per institution. Darling has refused to come out and guarantee all savings as some other european countries have. 

Although 98% of UK accounts are covered by the £50,000 guarantee, this only covers 60% of the value of total UK savings, reflecting the fact that 2% of accounts hold 40% of savings.

The Guardian, 7 October 2008

Clearly the majority of people in the UK now have all of their savings guaranteed.  It might be time to stop the panic unless your money is in a bank not covered by the FSCS.


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