Banking and saving - Financial Conduct Authority

Banking and saving

Published: 03/07/2015     Last Modified: 04/01/2016
Follow our five steps to making sure your money is covered if a bank, building society or credit union goes bust.

The Financial Services Compensation Scheme (FSCS) can pay compensation if a bank, building society or credit union is unable to pay claims against it. From 1 January 2016 the deposit protection limit is £75,000 for eligible depositors.

Depositors with some types of temporary high balances have FSCS protection up to £1m for up to six months from the date the account is first credited with the money.

But there are steps you should take to ensure all of your money is covered.

Step 1: Know your limits

Most money deposited with a bank, building society or credit union is protected under the FSCS up to a limit of £75,000.

This money might be deposited in a current account, savings account, cash ISA or savings bond.

The FSCS limit applies to each person, per authorised institution. This means each person in a joint account is protected, so two people would be covered for double the limit (£150,000 from 1 January 2016), per authorised institution.

Any money above the FSCS limit deposited with the one authorised institution will not be protected by the FSCS.

For a stocks and shares ISA, the compensation limits can be different depending on who you take out an ISA with. The FSCS has more on compensation limits for stocks and shares ISAs.

Step 2: Beware of multiple brands

The FSCS compensation limit applies to all deposits you have with an ‘authorised institution’, which may include several banking and building society brands.

If you have multiple deposit accounts with one bank, building society or credit union – or several accounts with different brands that come under the same authorisation – most people will only be protected under the FSCS up to a total of £75,000.

You can check the tables of the main deposit-taking banking and savings brands and building society brands to see whether your money is held with a brand that shares its authorisation.

These tables show:

  • the main banking and building society brands;
  • which authorised institution owns them or holds them as a subsidiary;
  • their ‘firm reference number’ (FRN), which shows how they are authorised; and
  • other brands that share the same authorisation and FRN, and therefore FSCS cover.

Step 3: Check the Register

These tables do not include all banking or building society brands covered by the FSCS, or any credit unions. If your bank or building society is not included you should ask it where it is authorised and how your money is protected.

You can also check the Register to find out whether your bank or building society has several brands under the same authorisation. Search our Register under ‘Financial services firms’, then click ‘Names’ for a list of brands used by the authorised institution.

Step 4: Spread your savings

The Financial Services Compensation Scheme (FSCS) can pay compensation if a bank, building society or credit union is unable to pay claims against it. From 1 January 2016 the deposit protection limit is £75,000 for eligible depositors.

Depositors with some types of temporary high balances have FSCS protection up to £1m for up to six months from the date the account is first credited with the money.

Check our tables of the main deposit-taking banking and savings brands and building society brands to see whether banking or building society brands come under the same authorisation.

Step 5: Confirm cover for foreign banks

Many foreign-owned banks that operate in the UK have to be authorised by us and money deposited with them will be covered by the FSCS.

However, a bank based in the European Economic Area (EEA) can offer certain products or services in the UK and other EEA countries while being authorised in their home country. The EEA includes the EU states, plus Iceland, Norway and Liechtenstein.

If you deposit money with an EEA bank it will be covered by the compensation scheme of the bank’s home country rather than the FSCS. This includes up to a limit of €100,000 per person in EU countries.

The banking and savings brands table does not include banks authorised abroad. Check the Register to see if a bank is authorised in the EEA (it will say ‘EEA Authorised’) and to find out if other brands come under the same authorisation – click on ‘Names’ for the list.

You can learn more about compensation for firms based abroad.

Consumer Helpline

Telephone: 0800 111 6768

See more ways to contact us

External links

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