The level of depositor protection provided by the Financial Services Compensation Scheme (FSCS) is changing. From 1 January 2016, the amount of savings protected under the FSCS with each individual bank or savings provider will reduce from £85,000 to £75,000.
As a Paragon Bank customer, you will already have received an email from us outlining the changes, highlighting exactly how you will be affected and explaining the options available to you.
If your savings with us are below the £75,000 limit, there is nothing to do as a result of the change.
If you have over £75,000 in savings with Paragon Bank, while you don’t need to do anything as a result of the change, you can - if you wish - take action to bring your savings closer to the new limit. If you fall into this category, please remember that you only have until 31 December 2015 to make a withdrawal request.
You can find full details about the change from the PRA and how this affects savers here. You can also visit the FSCS website or if you have any questions, then please feel free to contact us on 0800 052 2222. We’re always happy to help!