No, people who have more than £500 in the bank will not be placed on a national monitoring register

Anyone who holds savings above £500 in a bank will be placed onto a national monitoring register, with their details shared with HMRC, the DWP and the Home Office, under a new government scheme beginning on 1 October. A spokesperson for HMRC told us: “These claims are completely false and designed to cause undue alarm and fear.”A video shared thousands of times online claims that from October anyone who holds more than £500 in their bank account will be placed onto a government monitoring register. It says that Prime Minister Sir Keir Starmer has confirmed that from 1 October “a new financial control scheme approved by HM Treasury” will place anyone holding savings above £500 onto a “national monitoring register”. A Full Fact investigation found such videos have been shared hundreds of thousands of times. You can find guides and tips in our Full Fact toolkit to help you navigate information online.