New rules come in on 1 January, which will reduce compensation to £75,000 per account, per institution.

Previously the Financial Services Compensation Scheme (FSCS) protected savings of up to £85,000 per account.

Joint accounts will see protection cut from £170,000 to £150,000.

The maximum compensation across the European Union is set at €100,000, and the British level was reduced as a result of the pound gaining strength against the euro.

You are reminded that you may need to move some of your cash, to guarantee it will be fully protected in the event of your bank going bust.

The precise rate was set on 3 July 2015.

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