11. Mon 6th October: Sort Out Your Savings
11. Mon 6th October: Sort Out Your Savings (Image 11 of 14)
As of tomorrow, the Financial Services Authority (FSA) is raising the limit on the amount of deposits guaranteed should your bank go down the pan to £50,000, with joint accounts guaranteed up to £100,000. The FSA will also now consult on whether to raise the limit further, but as yet, there's no news on when or if this will happen. So, now's the time, if you haven't already to have a good look at your savings, and, if you have more than £50,000 in one account, to move some out to other banks. Bear in mind that the institutions covered are all UK banks, building societies and credit unions - but if you have two accounts with banks that have the same parent company, you will still only have a total of £50,000 guaranteed. This also soon may change, but there's been no word on this so far. For more about your home and your money, click here.
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