Published On: Mon, Jun 8th, 2020

Martin Lewis on how to keep money safe and best interest rates on fixed savings accounts | Personal Finance | Finance

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“All UK-regulated savings accounts are.”

Speaking to last month, an FSCS spokesperson explained that the scheme offers protection up to £85,000 per person, per bank, building society or credit union.

They said: “FSCS is not able to offer advice. However, we can confirm that if savers have money in multiple accounts with banks that are part of the same banking group, that is, share a Firm Reference Number (FRN), we have to treat these deposits as if they are held with one bank.

“This means that our compensation limit applies to the total amount savers hold across all these accounts, not to each separate account.

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