£75k protection limit to be raised on bank saving deposits

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The £85,000 limit was in effect for almost five years until 3 July 2015.

The limit was then reduced to the current limit of £75,000.

Under the proposals depositors will be protected up to £85,000 as of 30 January 2017.

We recommend as a risk reduction exercise businesses including companies should open a second bank account or building society account to hold some reserve working capital.

As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  If you would like detailed specific advice please call us on 01865 582064 or contact us here.