Bank of England to cut amount of personal savings protected by £10,000
by Jill Treanor from on (#D6VX)
It has been forced to reduce figure covered when banks collapse from 85,000 to 75,000 to bring UK in line with rest of the EU
The Bank of England has been forced cut by 10,000 the amount of a saver's money that would be protected if a bank went bust, because of the slump in the euro over the past five years.
The guarantee will now cover 75,000 per account rather than 85,000 - a move that may surprise savers and was described as bonkers by one expert.
Related: Bank of England proposes savings protection limit of 1m
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