Cashpoint

It’s been 10 years since the financial crisis erupted. In 2007, compensation covered just the first £2,000 of savings in full, then 90% of the next £33,000 if an authorised financial institution failed.

Thankfully, things have improved and, via the Financial Services Compensation Scheme, up to £85,000 per person, per bank is fully covered. It took up to three months to process a claim in 2007 but today people receive their money back within seven days.

The FSCS can also offer protection on temporary higher balances. Proceeds from a property sale, redundancy payments, inheritance, personal injury compensation and divorce settlements can qualify.

For more information go to fscs.org.uk or call 0800 678 1100 for advice and to make a claim.