FSCS limit is going down to £75000

Currently , your money is protected by the government up to a limit of £85000 . Due to a recent European Union directive , this limit is going to come down to £75000 from the 1st of January 2016.

How is this going to affect you ?

If you have more than £75000 solely or £150000 jointly in a savings account /accounts with a bank or a building society , in the event of a financial crisis, you may lose money. (Starting from 1st of Jan 2016)

Therefore , it’s wise to spread your money around amongst a few banks and building societies .