Property News · January 2, 2016

Take care, FSCS changes mean your savings aren’t as protected as they were


EU limits mean the compensation you receive if your bank crashes has been cut by £10,000. You can take steps, but it’s not that simpleIf you are fortunate enough to have quite a lot of cash stashed away in savings, your number one new year’s resolution should be to check whether you are affected by a change to the protection that kicks in if a bank goes bust.New rules took effect yesterday, and the bottom line is that if you have more than £75,000 tied up with one financial institution, you should probably move the surplus to another bank or building society. However, as is so often the case with money and finance, it’s not quite as simple as that. Continue reading…

Source : theguardian.com
Read more…Take care, FSCS changes mean your savings aren’t as protected as they were

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