FSCS DEPOSIT TO BE INCREASED FROM £85k to £120k from 1/12/2025

[Advocodo]

Good news re the above. Although I appreciate for most people sadly won’t have savings that need this increase.

Thanks for this, I didn’t know. I’ve been meaning to move funds out of my ISA to get down to £85k - now I don’t need to.

It’s about time.

My bank have just emailed me about this. Great news!
I’m fortunate that I’ve been left some cash by a large inheritance and I’ve currently got it spreads across 6 different banks, which is mind boggling. At least now I can reduce that to 4 with little risk.

(yes I know I probably need to invest some of the cash in the markets! )

What happens if you sell your property and you have more on your account ? Is that covered?

Yes. Currently it's up to £1m for 6 months. This is going up to £1.4m for the same period.

A bit academic for most people, even those who do have more than that amount in savings, because they usually won't need to keep so much in cash. So in contradiction to the proposed reduction in cash ISA allowances to encourage people to invest instead. Investment products, which most should be using instead, are totally protected as 'client money'.

Id never keep that much in cash unless it was short term for a specific reason .

Then the rule isn't one thats relevant to you but for those who do things differently to you will have extra protection, that's surely a good thing

It doesn't impact me, I opened the thread to see what the shouty title was about 😀

Thanks for posting I didn’t know this, good news!

Works for us as we each have a fair bit in cash ISA's.