Banking customers may be offered `safer` savings accounts
27 January 2010
The Bank of England`s Governor has outlined potential regulations that would offer banking customers much greater protection on their savings accounts, The Telegraph reports.
Mervyn King said that there should be two classes of deposit guarantee: full protection on low-interest accounts, and partial protection on other accounts.
He added that this would give customers a choice between safety and higher returns.
A spokesperson for Think Banking commented: "The situation with the banking industry over the past 18 months has made a lot of people very cautious about saving, because they are, in theory, only protected up to a certain level.
"But if these new regulations come into place, savers could enjoy much greater protection over the money they put away, which may encourage more people to save for the future."
Tags: savings, bank account, savings account, Bank of England, Think Banking
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