'A number of questions coming in about savings protection on the back of news of poor financial results at Metro bank'
Personal finance guru Martin Lewis has issued some sage advice amid concerns over a high street bank.
According to Mr Lewis, UK account holders' money is protected up to £85k should a bank fall into trouble. Shares slumped on Thursday and there were reports bankers were looking to raise millions in a bid to boost its balance sheet.READ MORE: Taking to Twitter, now X, Mr Lewis warned: "A number of questions coming in about savings protection on the back of news of poor financial results at Metro bank. While I need to stress this DOESN'T mean afaik anyone's money is currently at risk, it's always good to know the score, in the unlikely event the worse happened.
"In a UK regulated institution, for consumers, the first £85,000 you have per PERSON saved is guaranteed by the FSCS. So if you've less than that there's nothing at risk It is worth saying that even in the crash of 2007, this was rarely brought into play for savings, instead the govt simply forcibly ported collapsing banks' savings books to larger safer banks so all money was protected and no one lost owt.
"There's no guarantee of that, but it is probably the most likely attempted rescue scenario if any bank did go under." Nick replied: "Is that multiples of £85k spread over different banks or the FSCS only cover £85k in total?"The bank is reportedly looking to raise around £600 million in capital to help it refinance debts. Metro Bank's chairman Robert Sharpe met with City regulators on Thursday.
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