If your ISA provider drops the interest rate without warning or withdraws a fixed rate account, what can you do?
If you’ve taken out a cash ISA this year, you may feel that the low interest rates are enough grounds to complain (and who could blame you?). But, every year – at around this time - the free to use Financial Ombudsman Service gets a steady stream of complaints about banks or building societies not transferring or opening ISAs correctly or chopping and changing interest rates. So, when can you complain and when is it a case of ‘saver beware’?
Which banks are in the UK savings compensation scheme and do they protect £85,000 of savings?
Which banks share a compensation limit and which aren’t members of the UK’s compensation scheme?
The vast majority of banks operating in the UK (and building societies) are covered by the Financial Services Compensation Scheme. That means if you have savings with them, you are protected up to a limit of £85,000. But it’s not that simple as some banks ‘share’ the £85,000 limit between them. How does it work?
A bailout deal has been reached in Cyprus, but savers with more than €100,000 will lose out
The government abandoned plans for a levy on all savers, but those with the most will lose
After an extraordinary week when banks were closed and the Cyprus government considered, then dropped, various bailout options, a deal was announced this morning that will mean savers with less than €100,000 will not lose any of their money, but savers with more could lose a lot. In the UK, Laiki Bank's UK deposits will now be protected by the UK savings scheme.