Banks 'should give savings warning'

AOL Money Staff
Smashed piggy bank
Smashed piggy bank

Banks should be compelled to warn people when their savings breach the amount that would be protected if their provider went bust, according to a survey of MPs and consumers.

Some 81% of MPs surveyed for the Financial Services Compensation Scheme (FSCS) said that banks and building societies should have to make it clear to savers when their deposits exceed the £85,000 compensation limit that anything above this amount is not protected.