Temporary High Balances explained

Protection for your savings of up to £1m for six months

"It's important not to feel rushed into making any decision. The Temporary High Balance cover provides peace of mind and space to think about what you want to do with your money"

The Financial Services Compensation Scheme (FSCS) protects Temporary High Balances, resulting from a number of specified events, up to £1 million should your bank, building society or credit union fail.

Whilst the standard £85,000 cover under the FSCS is widely known, this additional ‘Temporary High Balance’ protection has gone under the radar for many. However, it can be beneficial in many situations, for example when in receipt of a settlement, proceeds from a property sale or another windfall.

This free factsheet explains in more detail how Temporary High Balance protection works and which deposits are eligible. 

Related guides and factsheets

Avoid the pitfalls and navigate the ISA maze successfully

A guide designed to help you navigate some of the potential pitfalls when deciding to appoint or review a Wealth Manager 

Understand the different types of savings accounts available

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Anna Bowes

© Savings Champion


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