Did you know the protection limit for savers will increase from £50,000 to the sterling equivalent of ?100,000 from January 2011?

The Financial Services Compensation Scheme has announced that the protection limit for savers will increase from £50,000 to the sterling equivalent of ?100,000 from January 1st 2011, bringing the UK into line with the rest of Europe. At today?s exchange rate this will provide cover of around £85,000 for UK savers.Savers get a bigger safety net - but rates remain direFTSE 100FTSE 250FTSE 350. FTSE 100
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by Lorna Bourke on Sep 25, 2010 at 00:01

The good news for savers this week is that in spite of rumours to the contrary, the Financial Services Compensation Scheme has announced that the protection limit for savers will increase from £50,000 to the sterling equivalent of ?100,000 from January 1st 2011, bringing the UK into line with the rest of Europe. At today?s exchange rate this will provide cover of around £85,000 for UK savers.

This means that fewer savers will have to break up their money into £50,000 tranches in order to ensure that they are eligible for full compensation. Under the existing FSCS scheme only the first £50,000 is eligible for compensation