Savers’ guarantee may rise to £500,000

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The Financial Services Authority today suggested the £500,000 limit could be applied for just six months as part of the Financial Services Compensation Scheme, which last year made payments of £50,000 to depositors with Bradford & Bingley, Heritage and Icesave among others.

The FSA said there are increasing examples of people far exceeding that level of balance with divorce settlements, pension lump sums and redundancy payouts larger than they used to be.

Savers would still be encouraged to spread their savings between different banks up to the £50,000 limit within six months of receiving their windfall.