‘Bonkers’ Move Cuts Bank Guarantee By £10,000

‘Bank and building society customers stand to get £10,000 less if the financial institution they save with goes bust, the Bank of England has announced.

Deposits have been protected up to £85,000 since 2010, under the Financial Services Compensation Scheme (FSCS).

But the Bank said this level of compensation will be cut to £75,000 on 1 January because of a European directive.

The move has been slammed as “bonkers” and “absurd” by experts, who said it was another blow for savers, who have suffered with years of poor returns on their money.’

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