Increase in deposit protection planned by government

According to a recent report the government is hoping to provide the nation’s savers with increased security and peace of mind by increasing protection on deposits that are made into financial institutions. Until last summer only a couple of thousand pounds of consumers’ savings benefited from the government’s 100% guarantee. However, after the Northern Rick crisis, where savers withdrew billions of pounds worth of savings amidst fears that the bank was on the verge of collapse, the government raised this 100% deposit to the first £35,000. Read more

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