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International Business Times UK

Frederick Marvin Lumba

Bank of England Announce Increase in Deposit Protection Limit for the First Time Since 2017

Financial Services Compensation Scheme FSCS Bank of England

Bank of England building (Credit: Mr. Lavender on X)

UK bank account holders will now have more of their savings covered by the nation's deposit guarantee scheme.

The Bank of England (BoE) announced on Tuesday, 18 November, that the standard amount of money to be covered by the scheme will rise to £120,000 ($157.8k) per person. This means account holders are guaranteed to claim that same amount in case their banks or building society fails.

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