Financial Services Compensation Scheme

Savings of up to £85,000 will be safe if a bank or building society collapses from now – following a £10,000 rise in the protection level.

The weakening of the pound against the euro since the Brexit vote led to the change in the threshold.

The amount of compensation payable is set at €100,000 across the European Union, so significant currency moves can alter the level for UK savers.

The change means the protection returns to its pre-July 2015 level.