British savers are now protected up to £85,000 should their bank collapse, but not many people know it is per licensed institution not by account.
The Financial Services Compensation Scheme which protects savers in the UK, says should the unfortunate happen, compensation should be in around 7 days, £85,000 for a single account and up to £170,000 for joint accounts.
Should you have more than £85,000 in savings then it is important to spread your money across different financial institutions. As different banking names are licensed under one parent company, it is important to know in which banks your savings are completely safe.
The Financial Services Compensation Scheme has an online tool to check how safe is your bank….and your money.