Article preview: The Financial Services Compensation Scheme (FSCS) provides a valuable safety-net for savers, protecting their bank balances up to £85,000. But what happens when you have more cash in the bank? A lot more cash?! Some life events, including the sale of a property, can result in a temporary high balance, creating challenges for maintaining financial security. However, the FSCS offers full protection for a temporary high balance of up to £1 million. From Thursday 6th August, this temporary high balance protection for deposits up to £1 million will be extended from six to twelve months.
Extended protection for temporary high balances
This 400-word blog post describes a temporary extension to the £1m temporary high balances protection from the FSCS, with this cover now lasting 12 months rather than six months. Written on 4th August 2020.
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