In 2016, the Prudential Regulation Authority (PRA) announced that they would restore the savings protection limit, guaranteed by the Financial Services Compensation Scheme (FSCS), back to £85,000 from £75,000. This change is effective from 30 January 2017.
Paragon Bank customers tell us that FSCS protection is one of the top three things they look for when choosing a new account so these changes are good news for savers who will benefit as a result.
For instance, if you currently have £75,000 or less in savings with us, you can now deposit up to £85,000 whilst enjoying the benefit of full FSCS protection.*
If your savings with us exceed £75,000, this news will be like music to your ears – a further £10,000 of your money will be protected by the FSCS.
The FSCS is a statutory Deposit Guarantee Scheme. It provides valuable assurance to savers who deposit money with UK banks and institutions that their savings will be protected up to an agreed limit in the unlikely event that their savings provider should fail.
*If you already have an account with Paragon Bank, please be sure to check your product terms and conditions to make sure that your account can accept additional deposits or deposits over £75,000. If not, you may want to add to your savings with a new account.