FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Savers giving up income in favour of safety

It has been revealed that while the recent change in the upper limit for the protection of savings in the UK will cover 98% of savers, the remaining 1.1 million bank account holders account for some £500 billion of savings which are not protected under the new scheme. This has caused concern in many quarters and seen more and more savers move, or distribute, their savings across the field of options available.



However, it has also been revealed that many of these 1.1 million savers are giving up traditional income levels in a move to just ensure that as much of their savings are protected as possible. This it seems is the price of protecting your savings in the current UK environment - even though many other countries have either announced 100% protection schemes or are currently discussing such schemes.



For these disenfranchised 1.1 million account holders there is also the option of moving their funds overseas and making use of 100% protection schemes in areas such as Ireland and Germany - with more rumoured to follow. For some reason the UK authorities seem to be putting their faith in EU led rescue missions while ultimately ignoring the protection concerns expressed by many voters.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue