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How to pick the best savings account

This guide shows you how to get the most from your cash by explaining how the different types of savings accounts work. 

 

by Victoria Bischoff on Feb 01, 2012 at 12:51

Will my savings be safe?

Under the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual per institution is protected by the government.

This means, if you save £170,000 in one single financial institution and the bank collapses, you are only guaranteed to get half of your money back whereas if you save £85,000 in two separate organisations, all of your money will be protected.

However, be aware that many of the high street’s biggest banks share the same Financial Services Authority (FSA) registration and therefore count as a single financial institution – HSBC and First Direct for example. This means under FSCS rules only £85,000 of your money in both banks combined will be protected. If in doubt contact the FSA's consumer helpline on 0845 606 1234.

Further reading

The best savings accounts – the highest rates currently available

Financial Services Compensation Scheme

FSA consumer helpline

ISAs explained: what are they and how do they work?

ISA: what is an ISA and how do I get one?

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