Tips on knowing your money’s in safe hands

Tips on knowing your money’s in safe hands

Jul 16
Tips on knowing your money’s in safe hands

When you’ve saved up your hard-earned money, it’s good to know it’s not going to go amiss.

If you pay your savings into a bank, ensure its safe. If there’s a problem, banks who are members of the Financial Services Compensation Scheme (FSCS), such as Secure Trust Bank who you can visit here, will ensure the FSCS will pay you compensation of up to £85,000 per person, for each authorised institution.

When you move into rented accommodation, it is usual to have to pay a deposit. However, check that your landlord or agent has put your money somewhere safe. By law they must put your money into one of these schemes: Deposit Protection Service (DPS),

MyDeposits, or Tenancy Deposit Scheme (TDS). If they do not, according to Directgov, you could take your landlord to court and get your deposit, plus up to three times it’s amount back off of them.

If your landlord uses any scheme apart from those three named, your deposit is not protected in law.

For more advice and information about ensuring your savings are safe, you could take a look at the moneysavingexpert site here.

 

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