If your bank, building society or credit union fails and can’t pay back your money, FSCS can automatically pay you compensation. Your provider must be authorised by the Prudential Regulation Authority (PRA) - you can check this on theFinancial Services Register.
Check your money's safe
You can easily see how much of your money is protected by using our bank & savings protection checker.
Banks, building societies and credit unions
If the firm failed after 1 January 2017
Ifyou hold money with a UK-authorised bank, building society orcredit unionthat fails, we’ll automatically compensate you up to £85,000 pereligible person, per bank, building society or credit union.
Shared banking licenses
Where you hold your money could affect how much compensation you’re entitled to.If you have money in multiple accounts with multiple banks that are part of the same banking group (andshare a banking licence) we have to treat them as one bank. This means that in the event of a firm failure, our £85,000 compensation limit applies to the total amount you hold across all these accounts, not to each separate account.
For our compensation limit to apply to each individual account, you’d need to hold money with different banks that don’t share a licence. You can search theFinancial Services Registeron the Financial Conduct Authority’s website to see which banks share a licence or check thelists of banking and building society brandson the Bank of England's website.
Joint accounts
Joint accounts are also eligible for FSCS protection up to the same limit of £85,000 per eligible person.
Please note, as above, if you have an individual account and a joint account within the same banking group, our £85,000 compensation limit will apply across these accounts, not to each separate account.
Temporary high balances
We also protect certain qualifyingtemporary high balancesup to £1 millionfor six months from when the amount was first deposited.
You don’t need to do anything if your provider fails – FSCS will compensate you automatically.
You can easily see how much of your money is protected by using our bank & savings protection checker.
'FSCS Protected' badge
A quick and easy way of finding out whether a PRA-authorised bank, building society or credit union is protected by FSCS is by looking for the ‘FSCS Protected' badge.
How long will it take?
FSCS will pay compensation within seven workingdaysof a bank, building society or credit union failing. You don't need to do anything, FSCS will compensate you automatically.More complex cases, includingtemporary high balance claims, will take longer and you'll need to contact us to request an application form.
I've got a small business account and a personal account with the same bank. Are both accounts covered up to £85,000?
If your business is a separate legal entity, e.g., a limited company or LLP, you could claim up to £85,000 for each account. If you’re a sole trader (e.g., Mr Smith trading as Smith Motors) you wouldn’t be entitled to two separate claims – you could claim up to £85,000 in total.
Although joint account holders are usually entitled to make separate deposit claims for £85,000 each, if the joint account holders hold the account as partners in a business, then the business partnership is only entitled to a single claim of £85,000 (not one claim per business partner).
See oursmall businesses & limited companies pagefor more information.
Visit ourcharities pagefor information about FSCS protection for deposits made by charities.
Are deposits covered if they're held in a client account or by a nominee company?
Generally yes, but see our answer on whether we coverdeposits held in client accountsfor limits and requirements.
I used a savings marketplace/cash platform
Savings marketplace, cash platform, savings service – this type of financial company (also known as a deposits aggregator) spreads your money across multiple accounts with different banks. Seethis articlefor more details.
Payment terms
Find the terms of payment and consent to FSCS use of your personal data in ourTerms and Conditions section.
