Savings customers get extra protection - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Savings customers get extra protection

Savings customers get extra protection

Category: Savings

Updated: 16/12/2008
First Published: 16/12/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savers who hold joint membership of Skipton and Scarborough building societies (at the date of the merger) are set to benefit from additional cover from the Financial Services Compensation Scheme (FSCS).

After reviewing the rules and going to the FSA with their proposals, Skipton can confirm 'double cover' for the joint members. This means £100,000 of savings protection under the FSCS (£200,000 for joint accounts).

Skipton BS deputy chief executive David Cutter: We are delighted to have concluded our review of the new rules with such a positive outcome for members. This is another example of how building societies, like Skipton, are putting their members and their members' financial security first.

By achieving this confirmation; that the new rules will apply to savers who are members of both societies at the date of the proposed merger, we believe this will bring much needed clarity to the situation and give even greater protection to their money."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.

How to make your savings go further this year

The start of a new year is always a good time to sort out your finances, and this year, focusing on your savings should be at the top of the agenda. We’ve got a few tips and tricks to help make your savings go further in 2017.
 
Close