That’s a significant boost for anyone looking to keep their money safe, offering stronger peace of mind if a bank, building society, or credit union were ever to fail.
This protection applies per person, per authorised institution. So, if you’re lucky enough to have more than £120,00 saved up, it’s still worth spreading your savings across different banks to stay fully covered.
But, wait, there’s more good news! The FSCS limit for temporary high balance (often linked to major life moments like buying a home or receiving an insurance payout) will increase from £1 million to £1.4 million.
These changes reflect the impact of inflation over recent years and mark the first uplift since 2017. AS the FSCS puts it, the aim is simple: the help people feel confident that their money is protected, right from the first penny.
Banks now have six months to update their customer materials, so by May 2026, all the new limits should be clearly displayed online in branches.
If you’re unsure how best to structure your savings, or you want to double-check that your money is fully protected, get in touch with our team.
You can call us on 01872 267 267, email us contact@whyfield.co.uk, or message us via WhatsApp (0777 49 39 111) or our socials (@whyfield).
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