UK bank customer protection rises to £120,000

The UK bank customer protection has increased to £120,000, with the Financial Services Compensation Scheme reassuring consumers that their money is safe up to this amount. This raise by the Prudential Regulation Authority is the largest since 2017, when the limit was last set. The new automatic protection limit of £120,000 covers each individual per authorised firm, providing a significant boost in safeguarding consumers' deposits in case of a bank failure.