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UK banks and building societies are set to undergo a huge shake-up in December - meaning customers are protected for £120,000 . The new limit marks an increase from the current £85,000.

The Prudential Regulation Authority (PRA) changes comes after the existing £85,000 deposit protection limit was established in 2017. Sam Woods, deputy governor for prudential regulation at the Bank of England and chief executive of the PRA, said: "This change will help maintain the public's confidence in the safety of their money.

"It means that depositors will be protected up to £120,000 should their bank, building society or credit union fail. Public confidence supports the strength of our financial system."

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Martyn Beauc

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