UK Bank Customer Protection Increases to £120,000
– Customers in the UK will see their bank deposit protection rise from £85,000 to £120,000 in December.
– This change, announced by the Prudential Regulation Authority, is the largest increase since 2017.
– The Financial Services Compensation Scheme (FSCS) confirms this safety net covers per person, per authorized firm.
– Temporary high balance protection will also increase from £1 million to £1.4 million for six months.