UK BOOSTS BANK DEPOSIT PROTECTION – Deposit guarantee rises to £120k from December
Customers in the UK will soon see stronger protection for their savings if a bank collapses. From December, the deposit guarantee will rise from £85,000 to £120,000, the biggest increase since 2017.
The Prudential Regulation Authority says the move reflects inflation and aims to boost public confidence, with the Financial Services Compensation Scheme assuring customers they need to take no action.
Temporary high-balance protection will also increase to £1.4 million for six months, covering major life events like house sales or insurance payouts.
