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Anorak | Now Your Money’s Even Safer In The Bank

Now Your Money’s Even Safer In The Bank

by | 6th, October 2014

Or perhaps we should say that now more of your money is safe in the bank. For the Bank of England has just decided to raise the amount of deposit insurance that we might get if a bank goes bust. The aim here is to make sure that peoples’ worries don’t set off another bank run like that which happened to Northern Rock.

At the moment a deposit of up to £85,000 in a bank is guaranteed by the Bank of England. If the bank goes tits up then you still get your £80k back. This covers all your accounts at the one bank though: so it’s not each account. Now they’re saying that in certain circumstances it could be up to £1 million which is covered :

The Bank of England said on Monday that if someone has a large amount of money in their account for reasons such as buying a house, they will be protected by the Financial Services Compensation Scheme.

Currently, £85,000 worth of savings are protected in the event of a bank failure, but the Bank said this should be extended. The

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Posted: 6th, October 2014 | In: News Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink