Spreading your cash
The Financial Services Compensation Scheme (FSCS) is a government-backed scheme that protects consumers in the event that a financial institution fails. The limit of compensation per financial institution is £85,000 so, if you have more than this in one account, you need to look at spreading your investments across multiple institutions
It can be difficult to track which financial institution your money is ultimately held by so we recommend using this tool to check – Bank & savings protection checker | Check your money is protected | FSCS
A further advantage of actively managing your money can be that you’ll get a better rate of interest than just keeping your money in your current account.
