Swansea Building Society says now is a good time to save following recent announcement

Swansea Building Society is 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 savings remain protected and to maintain confidence in the UK’s financial system.

With many people reassessing their finances, the Society is highlighting 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 its new dedicated savings app and the ability for customers to open a savings account online with just £1, the Society is making saving more accessible and convenient than ever before.

The Society continues to see steady uptake from savers across its branch network in Swansea, Mumbles, Carmarthen and Cowbridge, as well as online—an indication that many are prioritising financial stability and accessibility.

Alun Williams, Chief Executive of Swansea Building Society, 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. With our new app and the option to open an account online, the first step has never been easier.

“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.”

Founded in 1923, Swansea Building Society has grown to become one of the strongest mutuals in the UK, with branches across South and West Wales and a strong commitment to maintaining its traditional, personal approach to savings and mortgage lending. With competitive savings products, a growing suite of digital tools, and the personal service for which the Society is well known, the Society encourages anyone wishing to explore their savings options to visit a branch, download the new savings app, or apply online.

Published: 19 November 2025