Money which will be used to buy a main property and money received from the sale of a main property.Temporary protection (available for 6 months only) for balances up to £1 million in any bank account in a number of specific situations including: The FSCS also provide temporary protection for balances up to £1million in certain circumstances. Most of the savings accounts have a government guarantee up to £1 million. NS&I is a state owned savings bank, offering a wide range of savings accounts and premium bonds. If the balance in your account is higher than the sums protected by the FSCS, the best option is to open an account with National Savings & Investments (NS&I). If you ensure that the balance on your account is always below the sums protected by the Government guarantee, then you will get all your money back if your bank fails. This sum is based on the exchange rate equivalent of €100,000. They pay up to £170,000 for a joint account. The Financial Services Compensation Scheme (FSCS) will pay up to £85,000 of funds held in a bank account if the bank collapses. There is a government scheme in place which will compensate account holders of a bank that has failed, but only up to a limited sum. When a bank is at risk of going bust, there is usually a run on the bank when the bank’s customers try to withdraw the money in their accounts before the bank closes. Will I get compensation if my bank goes bust? PLEASE NOTE: THIS ARTICLE IS OVER 1 MONTH OLD

Bank it or bust