Have you heard of the FSCS?
I hadn’t but actually they are really, really important.
FSCS (the Financial Services Compensation Scheme ) has just launched the ‘Protecting Your Future’ Awareness Campaign. The FSCS protects up to £85,000 of your money (savings), should anything happen to your bank, building society or credit union. This £85,000 limit covers 98% of the UK population. Isn’t that fabulous!
What’s great about FSCS protection is that it’s completely free and automatic – if your bank, building society or credit union were to fail (and is one of the 900+ financial institutions authorised in the UK), then you will automatically get your money back within seven days and what do you have to do to get it back…absolutely nothing!
In the last 12 years FSCS has helped more than 4.5m people and paid out more than £26bn in compensation. Isn’t that astounding! FSCS covers a wide range of financial services (including savings, insurance and investments)
With my first savings I bought a CD boom box, later a car, even later still my I put my first deposit on a home. Now I am saving for a bigger home. If my savings at any point had vanished I would have been heartbroken..they were so needed!
Savings are just so important and it is so nice to know they are protected have a listen tho thrifty Fearne Cotton and what she has to say about this.
Oh I just love how me and Fearne both had the same first car (mine was grey though) and I adore that she thriftily decorated her home with silver stars on her ceiling and poetry and home made modern art on her walls. She’s a proper thrifty, frugal Fearne! And though she is famous and I am not…savings matter to us both and to people everywhere.
Isn’t it great we have this protection?