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Current £85,000 level of protection stands until the end of 2015

Savers are getting a new deposit guarantee limit from the New Year.

The current £85,000 level of protection continues until 31 December 2015. So there’s no immediate change for consumers. That means people with more than the new limit have six months to spread their money around to keep within it.

The new limit will be £75,000, which will protect more than 95% of all savers. The overwhelming majority of people have £50,000 or less in savings.

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I haven't seen any signs in my bank. The first I knew about it was when I got a letter today from the bank. I rang my brother who already knew about it and thought he had told me

El Loro

Does Osborne know something we don't?  If there's another run on the banks there won't be enough money in the kitty to bail them out this time.  The government messed up the economy for 3 years. 

 

It amazes me that they got back in again with their appalling record but with our media Tory failures are brushed under the carpet. Had Labour delivered the same record, they'd be crucified. It's always Tory = good, Labour = bad with our free press

 

Delivering the same policies that led to the banking crisis in the first place.  Clueless idiots.

Carnelian

The maximum amount of compensation was set by the EU in 2010 at €100,000. The exchange rate at that time resulted in the UK value of £85,000. Because of the movements in the exchange rate since, the €100,000 works out at a bit under £75,000, hence the change.

El Loro

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