More savers are turning to peer-to-peer lenders to make money, but how is your money protected?
The interest rate from sites like Zopa, Ratesetter and Funding Circle are much higher than you’d earn in a bank, but what should you look out for?

How do you fancy the idea of earning up to 6% interest on your money? Sounds appealing? Thought as much! That’s not an unusual return for people who lend money via ‘peer-to-peer’ lending sites such as Zopa, Ratesetter and Funding Circle. But you’re money’s not protected if the site goes bust and there’s a shortfall.

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When can you complain about your ISA provider?
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’?

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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?

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The material provided on this website is general information that is intended for general guidance and is not suitable for professional advice.
You should always obtain independent financial advice.