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FSCS extends temporary high balance
The FSCS has extended the Temporary High Balance protection from six months to 12 months for new and existing temporary high balances received.
Between the FSCS and NS&I, your cash is covered!
The Financial Services Compensation Scheme (FSCS) has temporarily extended the protection afforded to some people receiving large balances of up to £1m. But do you need to rely on this, or should you just use NS&I?
From 6th August 2020, The FSCS Temporary High Balance (THB) protection will now apply for 12 months, up from six months - although it will then revert back to six months for cash deposits received from 1 February 2021.
We are currently offering all of those with £100,000 or more in savings, investments and pensions the opportunity of a free cash flow forecasting pension review, worth up to £500. Do you know when you can afford to retire? It could be sooner than you think.
