moneysupermarket.com: UK compensation limit for savings

Commenting on the increase in the UK compensation limit for savings, Kevin Mountford, head of savings at moneysupermarket.com, said: “Confirmation that the UK compensation limit for savings will increase from £35,000 to £50,000 as of next Tuesday is a case of better late than never. The Irish Government's initiative to stand behind 100 per cent of savings deposited with Irish banks is likely to have spurred the UK Government into action. If it hadn't acted now we'd have seen a flood of UK savings into Irish accounts - with banks such as Allied Irish and Anglo Irish already offering attractive rates to UK savers.

"The new £50,000 UK Financial services compensation Scheme limit should be enough to stem this flow and create a greater degree of parity across the European market"