Savers could get £500k protected from bank collapse under EU changes

clock

Some savers with up to £500,000 in their account will have their money fully protected by the government if their bank fails, under new European rules.

Currently only balances of up to £85,000 are guaranteed under deposit schemes. But European governments last week hammered out a deal to protect far higher sums if they can be shown to be short-term balances resulting from one-off events such a house sale or a divorce settlement, the Daily Mail reports. However, it could take two years before the change is implemented in Britain. Separately, Lloyds will this week unveil surging profits resulting from falls in the interest rates it pays to savers. Ian Gordon, an analyst at Investec, expects underlying profits to hit £1.4bn for th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read
FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read