Please see our Ensuring savings are protected is something which savers have been warned about this week, by John Westwood, Group Managing Director at Blacktower Financial Management Group. "Mr Lewis went on to say that significant sums of money up to a certain amount are safer in banks, as he explained what Financial Services Compensation Scheme (FSCS) protection meant for members of the public. "For our compensation limit to apply to each individual account, savers would need to hold money with banks with different FRN numbers," the spokesperson continued. Please see our Having been asked the question via livestream on Good Morning Britain last month, Mr Lewis was on hand to reassure those at home.It came as presenter Kate Garraway had explained that the viewer who had written in had reported people they know "clearing their bank accounts out and holding cash".They added that this was because "they're so worried about it". order back issues and use the historic Daily Express During the coronavirus crisis, the financial journalist has been asked about whether people's money is safe in their bank account. "In order to ensure all savings are protected via the scheme, it may be that savers opt to make a simple check - and that's that the accounts have different FRN numbers. Brits told 'don't neglect' pension savingsSavings may well be protected under the FSCS for many Britons Virgin Money UK: How customers could get 2% interest rates each monthUniversal Credit claimants could get hundreds paid into bank accountInterest rates 'could go negative' before end of year - what it means
order back issues and use the historic Daily Express And what does it mean in terms of protecting savings? "While that may put some people's minds at ease, others may wonder about what would happen in an even worse-case scenario: if the UK went bust.Preempting the question, Mr Lewis continued: "If the state went bust, well we'd all have a bigger problem with our savings. Moody’s recent downgrade of 15 of the world’s largest banks makes it clear that certain big banks are just not as safe as depositors might have hoped.

"FSCS states it aims to pay compensation within seven days of a bank or building society failing.However, it adds that "more complex cases" would take longer. "FSCS was set up by parliament and is funded by the financial services industry.A completely independent and free serivce, eligible savers can claim compensation should financial firms fail. newspaper archive. "This means that our compensation limit applies to the total amount savers hold across all these accounts, not to each separate account," the spokesperson continued. By Jess Sheldon PUBLISHED: 21:24, Sat, Apr 11, 2020 Make the most of your money by signing up to our newsletter for Martin Lewis: How expert turned £80 into £100millionNationwide FlexDirect: Savers can get 5% interest rate before May 2020Is my money safe in bank?
"It's important to ensure your savings are protected by [the] Financial Services Compensation Scheme (FSCS) - this will cover your savings up to £85,000," he said.So, what is the Financial Services Compensation Scheme? "For joint accounts, the limit applies to each named account holder, so FSCS would protect up to £170,000 of savings.

The Money Saving Expert … Bank CDs and savings accounts are subject to protection from the FDIC of up to $250,000. NS&I security promise explainedSavers have been warned to check their savings are protected Savers urged to apply for 'best deals' for easy access savings quicklyBeing made redundant?


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