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Credit union deposit protection limit changes to £85,000

New Financial Services Compensation Scheme rules take effect from January 2016

7 July, 2015

Keeping you & your money safe, News & updates

The Financial Services Compensation Scheme (FSCS) deposit protection limit for credit unions will change to £85,000 from 1st January 2016.

Members with deposits currently covered under the existing protection scheme have until 31st December 2015 to adjust their balances if needed before the new limit takes effect.

London Mutual Credit Union members seeking more information about how these changes affect their savings can visit the FSCS website or contact their local branch for guidance.

The change affects all credit unions and aims to ensure continued protection for member deposits under the updated compensation framework.

Good to know

The contents of this article are intended for informational purposes only, and do not constitute financial advice. Always consult a qualified professional for independent advice if you are unsure about whether a financial product or strategy is suitable for you.
About the Author

London Mutual Credit Union

Serving over 33,000 members across the London Boroughs of Southwark, Lambeth, Westminster and Camden, London Mutual is one of the UK's largest credit unions. Founded in 1982, London Mutual serves members across local government, the armed forces, healthcare and education.

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