Your bank savings protected by an extra £10k - thanks to Brexit

Your bank savings protected by an extra £10k - thanks to Brexit
 

The Bank of England is proposing to hike the protection savers get under the Financial Services Compensation Scheme (FSCS) to a maximum £85,000, up from the £75,000 mandated by Brussels. 
The FSCS reimburses savers for any savings or deposits lost if their UK bank, building society or credit union goes bust. 
The reimbursement level was set at a maximum £85,000 in 2011, or up to £170,000 for joint accounts. 
Incredibly, under EU rules it was slashed to just £75,000 from the start of this year, giving savers less protection. 
The EU Deposit Guarantee Schemes Directive forces member countries... read more

 
23 November 2016 in Business, Views: 40
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