savings guaranteed

savers now have £85,000 of their savings guaranteed in the event of a bank failure. the Financial services Compensation scheme (FsCs) previously guaranteed £75,000, but the decline in the pound against the euro means British savers now have an extra £10,000 protected to stay in line with the european limit (€100,000). Joint accounts have a new limit of £170,000 up from £150,000. if banks share a licence, such HsBC and First direct, you will only get £85,000 protection, so spread savings across providers with different licences to protect cash.