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Savers Protection
If a bank or building society goes under, the amount of compensation you can get is relatively low.
UK Banks (including deposits in branches of UK Banks in rest of EEA): Bank Deposit Protection Fund (Banking Act 1987) - 90% of the first £20K per individual.
UK Building Societies (including deposits in branches of UK Building Societies in rest of EEA): Building Societies Investor Protection Fund (Building Societies Act 1986)- 90% of the first £20K per individual.
Also see:
Last Updated: June 2006 © Moneyextra.com
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