Spread your savings to keep them safe

I am speaking to a lot of clients who are concerned that the Banking crisis has not gone away and asking whether they should still hold deposits of up to £50,000 in any one Institution.

From 1 January 2011 new EU rules have meant increased consumer protection in the event of bank failures. For UK investors the compensation limit has increased from the previous £50,000 to £82,000 (100,000 Euros). So for complete safety save no more than £81,000 with any one institution to allow room for interest.

The overall message is ‘Spread your savings to keep them safe.’