Bank Deposit Protection To Increase To £110k
14th April 2025
After being fixed at £85k for the last 8 years, w.e.f 1 December 2025, the FCA are consulting on increasing the Financial Services Compensation Scheme limit to £110k.
This is a very useful Government protection scheme, giving depositors security up to this level on amounts invested with each bank or building society. In the event of the institution becoming insolvent, the Government would underwrite the deposit up to this amount.
The consultation closes for comment on 30 June 2025.
