From 1st January 2016, British savers received a lower guarantee on their deposits.
Previously, in the unlikely event that a UK bank or building society collapsed, the Financial Services Compensation Scheme (FSCS) would pay compensation of up to £85,000 per person or small business, per authorised bank or building society. However, from the beginning of 2016, the maximum amount of compensation reduced from £85,000 to £75,000.
It is important to remember that, if you have several accounts with the same bank or building society, or with different banks or building societies that are subsidiaries of the same institution, you will still only receive the maximum amount per person, per institution. All the brand names are listed at www.fsa.gov.uk.