Today saw a £10,000 increase in the protection level for bank or building society cash savings, as a result of higher Financial Services Compensation Scheme (FSCS) limits.
The protection limit is adjusted with reference to €100,000 across the European Union, so one advantage of a weaker Sterling following Brexit is an increase in FSCS protection to £85,000 from today.
The new higher protection covers cash in bank and building society current accounts, savings accounts and cash ISAs in the UK. Joint accounts receive double the protection at £170,000, should the bank go bust.
Some savers can benefit from a temporary high balance protection, which protects deposits up to £1m for up to six months where the money has come from certain sources; this includes the proceeds from the sale of a property, benefits payable under an insurance policy and money received due to divorce or dissolution of their civil partnership.
"The limit increase will protect even more of peoples' savings. The new limit will protect about 98% of people so it is worth people knowing their limits."