The Financial Services Compensation Scheme (FSCS) deposit protection limit has risen, as of today (30 January 2017).
The FSCS is a scheme provided by the UK government, which protects an amount of one’s money should anything happen to the bank, building society or credit union.
From today, for individuals and small businesses, the level of cover will increase from £75,000 to £85,000 per bank, building society or credit union.
Joint accounts will benefit from the increase with a new limit of £170,000.
Mark Neale, FSCS chief executive, said: “The £85,000 limit protects about 98% of the UK public. More people will have more protection for more of their money.”