[2015-12-24] UK Bank Account Compensation Limit Decrease Heralds The Era of Plan

[jdebunt]

When even banks are not able to guarantee consumer funds safety in the event of a major economic shock, things are taking a drastic turn for the worse. Earlier today, an announcement was made in regards to a new rule that will go into effect come January 1, 2016. If a UK bank goes bust, consumer accounts will only be “protected” up to GBP 75,000, which is a near 12% decline compared to the previous limit of GBP 85,000. Time for Plan B[itcoin].

http://bitcoinist.net/uk-bank-account-compensation-limit-decrease-heralds-era-plan-bitcoin/

[1714702144]

1714702144

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[indiemax]

I know they don't do current accounts but any one in the UK with money to invest and no upper limit to hide your millions 

you can't go wrong with the Government NS&I range

interest rates may be a bit lower but they are shite anywhere now

plus they have Premium bonds that are great fun for a possible monthly win 

[DooMAD]

I've never been particularly trusting of the FSCS scheme anyway.  It was designed so that if a single bank fails, customers would be remunerated.  If there's a significant financial shock and several major banks all fall over at once, I'm highly skeptical the economy would cope with printing that much money out of thin air.  I'm assuming the average person on the street envisions a big mound of stockpiled cash labelled 'FSCS' just sitting there waiting for a bank to fail, but no, this would be magicked into existence as new money and there would be a noticeable jump in inflation as a result.