Account switch in bank rescue
THE BANK deposits lifeguard is looking at using the seven-day switching scheme to make it easier for account holders in failed banks.
The Financial Services Compensation Scheme (FSCS) guarantees deposits of up to £85,000 in UK lenders, should they collapse.
Traditionally it sends customers a cheque to move to a new account. But it is looking at ways to smoothly set up a new account with the funds and direct debits in place, giving savers a choice of which bank to join.