Protection rates on savings accounts not known, says moneysupermarket.com

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www.moneynews.co.uk > Banking > Protection rates on savings accounts not known, says moneysupermarket.com

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Protection rates on savings accounts not known, says moneysupermarket.com

Price comparison site moneysupermarket.com has noted that many consumers are not aware the level of protection on savings accounts is set to change.

Head of banking at the company Kevin Mountford suggested the news that the Financial Services Compensation Scheme will cover up to £85,000 from January 1st 2011 should boost confidence in the UK.

The current level of protection stands at £50,000, but this threshold is being raised to bring the country into line with Europe.

Mr Mountford said: "The amount of protection savers are entitled to became a huge issue during the banking crisis and any increased protection for UK savers should clearly be considered great news." 

He urged any consumers with more than £50,000 in their banks to spread their cash between different accounts until the new regulations come into place in the new year.

This week, a study carried out by Datamonitor for Santander found that people tend to spend more time researching savings products than current accounts.

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