From 30 January 2017 the limit will increase to £85,000.
Under the Deposit Guarantee Schemes Directive (DGSD), Member States are required to set the deposit protection limit at €100,000. For those Member States that convert the limit into their national currency, this is refreshed every 5 years. However, due to significant changes in the exchange rates throughout 2016 (post EU Referendum) a decision has been made to increase the cover outside of the usual 5 year review.
Depositors will be protected up to £85,000 with effect from 30 January 2017. Most types of claimants are eligible to claim compensation for deposits. But there are some limited exceptions, such as claimants who are authorised financial services firms or public bodies.
For joint accounts each account holder will be protected up to £85,000 (making a total of £170,000) with effect from 30 January 2017.
Yes, you can add to your account at any time in line with your existing Terms and Conditions.