Prime Minister Gordon Brown has said he will do "whatever it takes" to protect people's savings.
The first measure announced was an increase in the amount of bank deposits guaranteed by the government, which has gone up from £35,000 to £50,000.
So exactly what kind of protection do savers have in the event of a UK-regulated bank or building society going bust?
And what is the situation for those with savings in banks elsewhere, such as Iceland?
On a special Money Box Live on 12 October, presenter Paul Lewis took your questions on the safety of savings during a time of financial turbulence.
Presenter: Paul Lewis
Producer: Martin Bedford