Now is a good time to save – following the recent announcement

We’re encouraging people across Wales to review their savings plans following a recent announcement from the Prudential Regulation Authority (PRA) that the Financial Services Compensation Scheme (FSCS) deposit protection limit is set to rise.

From 1 December 2025, the FSCS protection limit will increase from £85,000 to £120,000 per person, per authorised firm. This change, reflecting inflation since the limit was last set in 2017, is part of a statutory review conducted every five years under the Deposit Guarantee Scheme Regulations 2015. The adjustment is designed to ensure that your savings remain protected and to maintain confidence in the UK’s financial system.

With many of us reassessing our finances, we want to highlight how small, consistent saving can provide reassurance during uncertain times—and that it has never been easier to get started. Thanks to the launch of our new dedicated savings app and the ability to open a savings account online with just £1, we’re making saving more accessible and convenient than ever before.
We continue to see steady uptake from our customers across Swansea, Mumbles, Carmarthen and Cowbridge, as well as online—an indication that many are prioritising financial stability and accessibility.

Alun Williams, our Chief Executive, said:
“Economic announcements often prompt understandable concerns about the future. But they also create an opportunity to take stock. For many, this is a good moment to ensure savings are working as effectively as possible—whether that’s building a safety buffer, putting money aside for a future purchase, or planning for longer-term goals.

“We always encourage savers to take a calm, informed approach. Our range of savings accounts is designed to support people at every stage of life, and our teams are on hand to provide clear, personalised guidance. Having accessible savings can offer both practical support and real peace of mind—particularly during periods of change.”

With competitive savings products, a growing suite of digital tools, and the personal service for which we are well known, our Society remains one of the UK’s fastest-growing regional mutuals. We encourage anyone wishing to explore their savings options to visit a branch, download our new savings app, or apply online.