UK Savings Guarantee to Rise to €100,000

UK deposits are currently guaranteed up to £50,000  if a bank or building society goes bust – but this amount will be raised to the Sterling equivalent of €100,000 Euro  from January 2011

The UK Financial Services Compensation Scheme has announced that the protection limit for savers will increase from £50,000 to the sterling equivalent of €100,000 in January. The increase will  be introduced as a result of changes to European legislation.