High Interest Saving Accounts – Keep Your Money Safe!
There has been a series of banks suffering financially in the UK. Even the well known, once mighty, names have had to be bailed out by the government. As a result, you might well be wondering if your high interest saving accounts are safe. Read this article and by the time that you get to the end you will know if you need to act to keep your cash secure.
Every UK deposit taking institution has to be registered with the Financial Services Authority. This is the government department that regulates everything to do with money and investment. The FSA, as it is known, oversees every bank and building society to make sure that they are well run and that your cash is safe.
It is an extremely powerful body and it has nothing but the protection of you, the consumer, in its mind. In fact, the powers and duties that it has are only expected to increase over time and its vigilance to improve.
The very first thing that you should do, therefore, is to check if your high interest saving accounts are in an institution that is covered by the FSA. Look at any of the paperwork that it has sent to you and it will almost certainly say that it is subject to their regulation.
However, you need to check with the FSA that this is actually the case. The easiest way to do this is to note the reference number that the organisation quotes on their documents and then contact the Financial Services Authority by telephone and check with them. You can also do this on the internet, too.
You will then be reassured that your money is covered by the UK government's investor protection scheme. This means that you would receive up to
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