Mental & Physical Health Issues

Are your savings safe?

Fearne Photo 2

My parents from a young age tried to teach me the meaning of money, of course I went through those times when as a young teen believing that money grew on trees, but once I moved out into my own place at 17, I become quite a thrifty person who hated (and still does) paying full price for anything; I do love a good sale.

The fact I had my identity stolen, by an ex, who racked up over £20,000 worth of debt in just a couple of months only helped strengthen my belief, that making sure I felt in control of my money is a must for me.

Personally I don't have huge savings, but I do have a ‘cushion' in case the unexpected happens and I have to admit I hadn't ever thought what would happen should the worst happen to my bank and suddenly everything is gone. How would I cope should I lose both my savings and bill money?

That is where the FSCS (the Financial Services Compensation Scheme) comes in, the FSCS is the UK’s statutory compensation scheme and is free and automatic to anyone who has savings, mortgages, credit, finance or insurance (to name a few services) with companies registered with the service. This fully government registered service has, since its set up in 2001, already handed out over £26bn in compensation to over 4.5m people.

When it comes to savings the PSCS offer up to £85,000 worth of compensation should your bank or building society go bust, which is enough to covering over 98% of peoples accounts within the UK.

September sees the launch of the “Protecting Your Future” campaign which sees 5 celebrities talking about why they save and what it means to them. September see's celeb number one Fearne Cotton talk about her views on savings and why they are important to her.

So next time you are looking to open an account or any other financial service make sure you check out the FSCS website and check the company you are choosing to give your savings to are protected.

Did you know about the FSCS, does it help you feel like your future is more protected?

This article has 20 comments

  1. Robin (Masshole Mommy)

    Oh jeez. We have money all over the place and our money is insured by the FDIC here in the US. I only put my money with banks that are insured.

  2. Ashley Gill

    My husband handles our savings but I believe it is insured… Of course it is insured! Hes a smart man!

  3. Aimee Fauci

    Wow what a horrible experience your ex husband put your through! Our savings are in 401k and bonds…. I would def have to assume it’s insured…. I’m pretty ignorant to this stuff… May need to ask the husband

  4. coolchillmom

    you are right. We all need to have control over our finances and be prepared with cushions
    Sorry you had such a XX bag for a boyfriend.

  5. DANIELLE VEDMORE

    I wish I had savings lol! So glad your ex is still an ex – I know friends who would have took him back! xxx

  6. becca

    I don’t have savings we live from pay check to paycheck. however being insured is a good thing.

  7. Lois Alter Mark

    Such a scary topic. Our money is only in insured banks but we still worry about it.

  8. Pam

    Identity theft is so scary. Especially because it is hard to catch sometimes. I do everything I can to make sure my finances are safe.

  9. Janell Poulette

    What a horrible experience for you. Thanks for the advice.

  10. Heather

    I’ve never heard of this. You can’t afford not to enroll.

  11. Stefany

    FDIC is the only way I allow my money to be saved in the US. This sounds like a great idea for those in the UK though!

  12. Jennifer Williams

    We are just starting to talk about moving our savings/investments to hopefully have them work harder for us. I love that this promotes saving, so many do not plan for the future or emergencies today.

  13. Lori

    We stick with insured banks as well. Wow, what a total toad your ex was… :-/ So sorry that happened to you.

  14. Rosey

    This is smart thinking…always better to be safe than sorry if you can. And I’m sorry to hear about the ex. The word ‘ex’ never sounded so good, right? 🙂

  15. Connie

    Good information. I am very careful about where my money goes. The biggest reason is that I don’t have much. What I do have I keep my mind on.

  16. April

    I am also thrifty! I really hate that happened to you! Just remember Karma! Great tips! Thanks for sharing.

  17. Liz Mays

    It’s definitely not something to ignore at all. I believe mine is protected, but I’m going to double check to be safe.

  18. Mo

    Identify theft is horrible; sorry about your experience and well done for making it count in some way. I can’t even begin to imagin how really bad that must have been for you.

    I’ve heard of the government’s £85,000 protection and i think it’s one of the lovely things about this country. It definitely helps to check that ones savings have this protection on them.

    Thanks for sharing

  19. Amanda McMahon

    Oh wow you are right that keeping your money safe is important. This looks like a good option.

  20. Anne Dalzell

    Thankfully for me my husband is really careful with money so he has taught me to really think before spending. We take so long to make any sort of financial decision as we have to consider every eventuality!

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