For joint accounts the £120,000 limit applies to each account holder.

If you have a temporary high balance, for example, the result of a house sale or receiving a large inheritance. FSCS protects these balances up to six months. The protection limit for qualifying temporary high balances will also increase to £1.4 million.

Alongside the increased deposit protection limit, FSCS is introducing a refreshed FSCS Protected badge. This badge makes it easier for you to identify financial providers who are protected under the Deposit Guarantee Scheme.

The updated badge will start appearing across branches, banking apps, and promotional materials by from the 1 December. Banks, building societies and credit unions have six months to update their disclosure materials until 31 May 2026.

What is FSCS?

FSCS protects customers when financial services firms fail. If a company goes bust and cannot pay claims, FSCS steps in to compensate you.

Set up by Parliament and funded by the financial services industry, FSCS is independent and free to use if you claim directly.

FSCS covers more than just banks, building societies and credit unions. It also protects:

• Investments
• Pensions
• Financial advice
• Insurance broking
• Mortgage advice and arranging
• Funeral plans

Compensation limits vary by product. Visit the FSCS website for more information.

The post FSCS protection limit increase to £120,000 appeared first on The Loughborough Building Society.

Maximise Your Savings Potential

• Move Your Money to Work Harder
  Is your money sitting in a current account earning little or no interest? Consider transferring it into a dedicated savings account. This way, your savings can grow with interest.
• Check Your Interest Rates Regularly
  Are your savings accounts giving you the best returns? Visit comparison websites, check your provider’s offerings, or stop by your local Loughborough Building Society branch to ensure you’re getting the most competitive rates.
• Book a Free Savings Review
  Unsure if you’re making the most of your savings? Book a free review with us, either in-branch or over the phone. Our experts can guide you on how to maximise your savings.
• Use the FCA Savings Calculator
  Curious about how much interest you could earn? Try the FCA’s handy calculator to see the potential growth of your savings. 

Top Tip: Set aside a portion of your savings each month for an emergency fund. It’s a financial safety net for anything unexpected such as your boiler breaking down.

Can you beat your savings goals?

Whether you’re saving for your first home, a dream holiday, or another milestone, taking a few minutes each month to review your finances can help you reach your goals faster.

Accelerate Your Savings:

• Take on the No Spend Challenge
  Cut back on non-essential spending—like takeaways, new clothes, and extra outings—to save more towards your goal.
• Make Simple Lifestyle Changes
  Small adjustments, such as swapping baths for showers or preparing your own meals instead of buying lunch, can reduce expenses and increase your savings.
• Save Your Spare Change
  Regularly put loose change into a money jar. Over time, you’ll see your savings grow without much effort.

Top Tip: Consider using a passbook savings account with a building society like The Loughborough. Physically seeing your savings grow could be a strong motivator.

What do I do now?

Start saving today by opening a savings account. Finding the right account can be confusing, but we’re here to help.

Book a Savings Review With Us Today

Visit us in-branch or give us a call on 01509 631960. Our friendly team is here to help you find the best savings account to match your needs.

For more help on achieving your savings goals savings visit https://uksavingsweek.co.uk/savings/

The post Be the saver you aspire to be appeared first on The Loughborough Building Society.

First, understand your financial situation. What money do you have coming in, and where is it going? Determine how much you need to live on each week or month. After accounting for essential expenses, the next step is to set a budget.

Creating a budget provides a clear picture of your finances, helping you keep track of your income and outgoings. It also encourages you to differentiate between needs and wants—like that daily coffee on your way to work!

How do I start budgeting?

1. Identify Your Spending:

Calculate what you spend on:

• Household bills: Mortgage/rent, utilities.
• Living costs: Food, clothing.
• Travel: Public transport, car expenses (fuel, maintenance).
• Leisure: Holidays, gym fees, dining out, entertainment.

2. Review Your Outgoings:

Check if you’re spending more than you earn. Regularly review your budget to find potential savings. Small changes, like taking showers instead of baths or preparing meals at home, can add up. Consider keeping a spending diary to track your expenses.

Top Tip: Pay off any debts before you start saving—this will put you in a stronger financial position.

By budgeting, you’ll establish good financial habits, making it easier to pay your bills and gain control over your finances. This will also allow you to start saving for exciting goals, like a deposit for a new home or a dream holiday.

Set your savings goals

You’re more likely to achieve your savings goals if you set yourself targets.

To increase your chances of success, set realistic and specific savings targets. For example, aim to save £5,000 by next year for a car.

Stay motivated by keeping visual reminders of your goals—perhaps a picture of your dream holiday destination on your phone or fridge. Track your progress and celebrate milestones along the way.

 Top Tip: Build an emergency fund alongside your savings to cover any unexpected bills.

Savings Tips

Sell Unused Items: Declutter and make money by selling things you no longer need—try car boot sales, social media, or online auctions.

Shop Around: Compare deals on everything from mobile phone contracts to your weekly groceries to save money.

Save Your Change: Regularly putting loose change into a jar can help your savings grow over time.

By saving the money you make from selling things or the loose change you find, you’ll watch your savings build up quickly!

Top Tip: At The Loughborough Building Society, our passbooks let you physically see your savings grow—a satisfying way to track your progress.

What do I do now?

Start saving today and open a savings account. Finding the right account may be confusing, but we are here to help.

Talk to us today!

Our friendly branch and savings teams can help you find the best savings account for you to achieve your savings goals.

Visit your nearest Loughborough Building Society branch or agency or call us on 01509 631960.

For an up-to-date list of our savings accounts please visit  https://www.theloughborough.co.uk/all-savings

Additional Resources

• For more help on getting started with a savings account, visit https://uksavingsweek.co.uk/savings
• Use the FCA Savings Calculator
  Curious about how much interest you could earn? Try the FCA’s handy calculator to see the potential growth of your savings. 

The post How to get started on your savings journey appeared first on The Loughborough Building Society.

The post Current and Previous Savings Interest Rates appeared first on The Loughborough Building Society.