Changes to the Financial Services Compensation Scheme (FSCS), will soon mean savers with large amounts of Cash held on deposit for a short period will receive a greater level of protection.
Savers are currently protected up to £85,000 per person, per institution, should a bank or building society go bust.
Joint accounts get cover of £170,000.
This means savers with large amounts of money on deposit tend to split their cash between a number of banks and building societies to ensure that it is fully protected. This practice is common place even if ...