Increase of more than 40% from current figure of £85,000 will give more cover if financial firm goes bust
The amount of a customer’s money protected if a UK bank or building society goes bust will rise to £120,000 next month, providing a boost to the nation’s savers.
The new deposit protection limit, a 41% rise from the current limit of £85,000, is higher than expected and takes effect on 1 December.
