The Prudential Regulation Authority confirmed that the FSCS will now protect deposits up to £85,000 from 30th January.
The FSCS protects savers deposits in banks, building societies and credit unions and the new increase will also see joint accounts protection rise to £170,000.
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Since launching in 2001, the FSCS has come to the aid of over 4.5 million people and paid out over £26bn in compensation when authorised financial services firms fail.
“The £85,000 limit protects about 98% of the UK public,” said Mark Neale, chief executive of FSCS.
“More people will have more protection for more of their money.”
For more information about how the FSCS protects deposits, visit its website.
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