Protecting your savings

Protecting your savings - FSCS

Do you ever worry about just how safe your savings are in a UK bank or building society?

Did you know that if your bank, building society or credit union were to fail (and is one of the 900+ financial institutions authorised in the UK) then you are protected by the FSCS (the Financial Services Compensation Scheme) to the value of £85000. 98% of the population has less than £85000 in savings, so should be covered to get their money back within 7 days without having to do anything to get it back.

The FSCS (the Financial Services Compensation Scheme was established in 2001 and is backed by the UK government and has already helped more than 4.5m people and paid out more than £26b in compensation.

Savings is a really important part of financial management and I am the first to admit that we don't have any savings to fall back on at this period of our life. We used to before we had kids and I hope that we will again in the future.

But I am instilling the importance of saving and money management on my children as I believe that it will be something that stands them in good stead.

Do you have savings for a rainy day?

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