Lewis has spoken out amid the trouble at Metro Bank
Martin Lewis has issued a warning to customers with a UK bank over savings protection. The ITV This Morning and Good Morning Britain spoke out amid the trouble at Metro Bank.
He told UK account holders that their money is protected up to £85k should a bank fall into trouble, Birmingham Live reports. Taking to Twitter, now X, Mr Lewis warned: "A number of questions coming in about savings protection on the back of news of poor financial results at Metro bank. While I need to stress this DOESN'T mean afaik anyone's money is currently at risk, it's always good to know the score, in the unlikely event the worse happened.
"In a UK regulated institution, for consumers, the first £85,000 you have per PERSON saved is guaranteed by the FSCS. So if you've less than that there's nothing at risk It is worth saying that even in the crash of 2007, this was rarely brought into play for savings, instead the govt simply forcibly ported collapsing banks' savings books to larger safer banks so all money was protected and no one lost owt.
"No one lost "owt"are you from Yorkshire lad... just seen what you said on BBC news, be nice to have more than £85k in savings," said another. Mr Lewis' warning came after shares in high street lender Metro Bank plunged to new lows as it revealed it is mulling over fundraising or selling off assets in a bid to shore up cash.
The bank is reportedly looking to raise around £600 million in capital to help it refinance debts. Metro Bank's chairman Robert Sharpe met with City regulators on Thursday.
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