The Savings Deposit Guarantee for UK Banks is set to increase after Gordon Brown pledged to do "whatever it takes to protect people's savings."
UK Savings Deposits are currently guaranteed up to £35,000 per person, per institution under the Financial Services Compensation Scheme. Gordon Brown is expected to increase the Savings Deposit Guarantee for UK Bank Savings guaranteeing bank deposits up to £50,000, so that each saver's first £50,000 per bank is fully protected. It is believed that this would count as a 'net deposit' e.g. the value of your savings less any loans with that particular bank. The other aspect to the plan is to ensure that people can access at least some of their savings within 7 days of a bank closing.
It's unlikely that Gordon Brown will offer an unlimited savings deposit guarantee as has recently happened in Ireland. The Irish Government agreed yesterday to guarantee all savings deposits and debts at Allied Irish, Anglo Irish, Bank of Ireland, Educational BS, Irish Life and Permanent and Irish Nationwide BS. This guarantee is effective immediately and ends in September 2010.
Gordon Brown stated that the Government's actions on Northern Rock, Halifax Bank of Scotland and Bradford & Bingley demonstrate that they have taken actions to protect people's savings deposits.
The FSA have just announced that the Financial Services Compensation Scheme limit is to increase to £50,000 from 7 October. So each depositor now gets £50,000 protection (£100,000 for joint accounts). This is good news for UK depositors. This applies to bank deposits only and doesn't affect investors.
Tags: savings, gordon brown
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