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If you’ve got cash in a UK regulated bank or building society it’s protected to the tune of £85,000 by the government-backed Financial Services Compensation Scheme (FSCS).
This includes Cash ISA accounts. If you have a joint account, the amount you get back if the bank fails doubles to £170,000.
For anyone with more than £85,000 in savings, protection can be maintained by spreading the money across different institutions (banks, building societies, etc).
The FSCS aims to protect cash savings in situations where your financial service provider gets into trouble. In the majority of cases, you should get your money within seven days. Other investments, such as stocks and shares, are subject to a different set of protections.
Find out about the basics of the Financial Services Compensation Scheme.
The panic over the collapse of Northern Rock, Bradford & Bingley, Icelandic banks and others may seem distant memories, yet every sensible saver needs to remember the lessons and ask "Are my savings safe?"
Money Saving Expert