How the Government Will Take Your Cash
New rules introduced in July 2015 mean that savings of up to $1m may be protected for a six-month period if your savings provider goes bust.
The increase is to cover life events such as selling your home (though not a buy-to-let or second home), inheritances, redundancy, and insurance or compensation payouts that could lead to you having a temporarily-high savings balance.
The extra cover will apply from the date on which the money is transferred into the account
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