Something that may have passed you by is the deposit compensation limit is increasing from £75,000 to £85,000 from 30th January 2017. The threshold is set at the sterling equivalent of 100,000 Euros and, although the limit was only cut to £75,000 in July 2015, the Bank of England is taking the decision in all certainty because of the fall in sterling since Brexit.
The European directive involved allows more frequent assessments than the usual five year reviews where there are “unforeseen events, such as currency fluctuations”. It will be interesting to see how the exit from Europe affects the limit calculations and whether the Bank of England will adopt a more permanent UK limit not dependant on exchange rates.
Time therefore to review your deposit holdings if you are affected by the current protection ceiling.