FSCS limit increase?

[Touty]

will this increase or is it just a proposal at the moment?

I think they are aiming to make a decision by November. Is there anything in particular that you are looking out for?

@Wolfpa thanks - it was just to know whether to open a other account to avoid being over the current 85k limit.

I'd just open another account, it can be done online in no time at all. Not that there's probably much risk of a mainstream bank going bust, but you never know.

Or you can put your money in NS&I as the limit is £1M I believe.

But unless you're saving for something like a house deposit, it might be worth considering whether you should keep so much money in cash anyway - S&S might be more appropriate and that's ring fenced so not subject to the £85k limit.

Or if the money comes from certain events like an inheritance or house sale, a larger amount is protected for a short period, 6 months I think.

Given that the Government is considering reducing the amount of money people can put in cash ISAs each year because they think it discourages people from investing, increasing the £85k savings protection limit is contradictory to this.