{"id":218,"date":"2011-01-12T08:00:46","date_gmt":"2011-01-12T08:00:46","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/blog\/?p=218"},"modified":"2011-01-12T08:00:46","modified_gmt":"2011-01-12T08:00:46","slug":"savers-get-extra-protection","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/savers-get-extra-protection\/","title":{"rendered":"Savers get extra protection"},"content":{"rendered":"

There isn’t much to cheer savers at the moment: rock bottom interest rates\u00a0and stubbornly high inflation have combined to keep returns on funds at a\u00a0puny low.<\/p>\n

But there has been some good news for those concerned that a second banking\u00a0crisis may serve to compound problems. The ceiling on the amount of savers\u00a0money that is safeguarded should a bank or building society collapse has\u00a0risen from \u00a350,000 to \u00a385,000.<\/p>\n

When the banking crisis first hit in 2007, the upper limit of compensation\u00a0for savers was \u00a331,700 per person, comprising 100 per cent of the first\u00a0\u00a32,000 and then 90 per cent of the next \u00a333,000 of saving deposits. In\u00a0October of that year the FSCS limit was raised to \u00a335,000. A year later it\u00a0increased again to \u00a350,000. Now the limit is set at \u00a385,000 of savings as\u00a0from 31 December 2010.<\/p>\n

As well as offering a higher level of protection, the new rules will also\u00a0provide a quicker compensation service, with the much of the money to be\u00a0paid within seven days and the rest within 20 days. The practice of reducing\u00a0payouts by the amount of money that a saver might owe their savings\u00a0institution \u00ac in the form of a mortgage or other loan \u00ac is scrapped.<\/p>\n

For more information contact Bernadette Gibson at\u00a0bernadette@jackross.co.uk<\/a> or visit our\u00a0Contact Page<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

There isn’t much to cheer savers at the moment: rock bottom interest rates\u00a0and stubbornly high inflation have combined to keep returns on funds at a\u00a0puny low. But there has been some good news for those concerned that a second banking\u00a0crisis may serve to compound problems. The ceiling on the amount of savers\u00a0money that is safeguarded… Read More »Savers get extra protection<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[12],"tags":[],"yoast_head":"\nSavers get extra protection - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"There isn't much to cheer savers at the moment: rock bottom interest rates\u00a0and stubbornly high inflation have combined to keep returns on funds at a\u00a0puny\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/savers-get-extra-protection\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savers get extra protection - 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