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Depositor protection schemes if a bank goes bust

Depositor protection schemes if a bank goes bust

Category: Savings

Find out where your bank or building society is licenced, and what deposit protection guarantees you'll get if they go bust.

Most UK banks are licenced here; however, some are EU banks operating under a "passport" licence scheme.

As well as this, banks and building societies operating in the crown dependencies of Gibraltar, Guernsey, Isle of Man and Jersey will have different compensation limits to that offered by the UK Financial Services Compensation Scheme.

Find your bank or building society:

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Depositor protection schemes: how much is covered?

UK Crown Dependencies:

Which depositor protection scheme are your savings covered by?

A

Name Banking Licence Protection Scheme Brands under the same Licence
AA Financial Services Bank of Scotland plc UK
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Intelligent Finance
  • Saga
Aldermore Aldermore Bank plc UK
Alliance & Leicester Santander UK plc UK
  • Bradford & Bingley
  • Cahoot
  • Santander
Alliance & Leicester international Alliance & Leicester international Isle of Man
Allied Irish Bank (GB) AIB Group (UK) plc UK
  • Allied Irish Bank (GB) Savings Direct
  • First Trust Bank (NI)
AIB International Savings Ltd AIB International Savings Ltd Isle of Man
Aviva Bank of Scotland plc UK
  • AA Financial Services
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Intelligent Finance
  • Saga
Axis Bank Axis Bank UK UK

B
Name Banking Licence Protection Scheme Brands under the same Licence
Bank of China (UK) Bank of China (UK) Limited UK
Bank of Cyprus UK Bank of Cyprus UK Limited UK
Bank of Ireland (IOM) Ltd Bank of Ireland (IOM) Ltd Isle of Man
Bank of London and The Middle East Bank of London and the Middle East plc UK
Bank of Ireland UK Bank of Ireland (UK) plc UK
  • Post Office ®
Bank of Scotland Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Intelligent Finance
  • Saga
Barclays Bank Barclays Bank plc UK
  • Standard Life Cash Savings
Barclays Wealth Licensed in Gibraltar, Guernsey, Isle of Man and Jersey

Gibraltar
Guernsey
Isle of Man
Jersey


Barnsley Building Society Yorkshire Building Society UK
  • Chelsea BS
  • Egg
  • Norwich & Peterborough BS
  • Yorkshire BS
Bath Building Society Bath Building Society UK
Beverley Building Society Beverley Building Society UK
Birmingham Midshires Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Halifax
  • Intelligent Finance
  • Saga

BM Savings

Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • Birmingham Midshires
  • Halifax
  • Intelligent Finance
  • Saga
Britannia

The Co-operative Bank plc

UK
  • The Co-operative Bank
  • Smile
Britannia International Britannia International Isle of Man
Brown Shipley Brown Shipley & Co Limited UK
Buckinghamshire Building Society Buckinghamshire Building Society UK
Butterfield Private Bank Butterfield Bank (UK) Ltd UK

C
Name Banking Licence Protection Scheme Brands under the same Licence
Cahoot Santander UK plc UK
  • Alliance & Leicester
  • Bradford & Bingley
  • Santander
Cambridge Building Society Cambridge Building Society UK
Cater Allen Private Bank Cater Allen Ltd UK
Charity Bank The Charity Bank Ltd UK
Chelsea Building Society Yorkshire Building Society UK
  • Barnsley BS
  • Egg
  • Norwich & Peterborough BS
  • Yorkshire BS
Cheshire Building Society Nationwide Building Society UK
  • Derbyshire BS
  • Dunfermline BS
  • Nationwide BS
C Hoare & Co C Hoare & Co UK
Chorley & District Building Society Chorley & District Building Society UK
Citibank Citibank International plc UK
City of Derry Building Society City of Derry Building Society UK
Close Brothers Savings Close Brothers Limited UK
Clydesdale Bank Clydesdale Bank plc UK
  • Yorkshire Bank
Clydesdale Bank International Clydesdale Bank International

Guernsey


The Co-operative Bank The Co-operative Bank plc UK
Guernsey
  • Britannia
  • Smile
Coutts & Co Coutts & Co UK
Coventry Building Society Coventry Building Society UK
  • Stroud & Swindon BS
Cumberland Building Society Cumberland Building Society UK

D
Name Banking Licence Protection Scheme Brands under the same Licence
Danske Bank Northern Bank Limited UK
Darlington Building Society Darlington Building Society UK
Derbyshire Building Society Nationwide Building Society UK
  • Cheshire BS
  • Dunfermline BS
  • Nationwide BS
Dudley Building Society Dudley Building Society UK
Dunfermline Building Society Nationwide Building Society UK
  • Cheshire BS
  • Dunfermline BS
  • Nationwide BS

E
Name Banking Licence Protection Scheme Brands under the same Licence
Earl Shilton Building Society Earl Shilton Building Society UK
Ecology Building Society Ecology Building Society UK
Egg Yorkshire Building Society UK
  • Barnsley BS
  • Chelsea BS
  • Norwich & Peterborough BS
  • Yorkshire BS

F
Name Banking Licence Protection Scheme Brands under the same Licence
first direct HSBC Bank plc UK
  • HSBC
FirstSave FBN Bank (UK) Ltd UK
First Trust Bank (NI) AIB Group (UK) plc UK
  • Allied Irish Bank (GB)
  • Allied Irish Bank (GB) Savings Direct
Furness Building Society Furness Building Society UK

G
Name Banking Licence Protection Scheme Brands under the same Licence
Governor Money Family Investments UK

H
Name Banking Licence Protection Scheme Brands under the same Licence
Halifax Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Intelligent Finance
  • Saga
Hanley Economic Building Society Hanley Economic Building Society UK
Harpenden Building Society Harpenden Building Society UK
Hinckley & Rugby Building Society Hinckley & Rugby Building Society UK
Holmesdale Building Society Holmesdale Building Society UK
HSBC HSBC Bank plc UK
  • first direct
HSBC Bank International HSBC Bank International Jersey
Guernsey
Isle of Man


I
Name Banking Licence Protection Scheme Brands under the same Licence
ICICI Bank UK ICICI Bank UK plc UK
ING Direct (UK) ING Direct NV EEA - Netherlands
Intelligent Finance Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Saga
Investec Bank (Channel Islands) Ltd Investec Bank (Channel Islands) Ltd

Guernsey
Jersey


Investec Bank plc Investec Bank plc UK
Ipswich Building Society Ipswich Building Society UK
Islamic Bank of Britain Islamic Bank of Britain UK
Isle of Man Bank Isle of Man Bank Isle of Man

J
Name Banking Licence Protection Scheme Brands under the same Licence
Julian Hodge Bank Julian Hodge Bank Ltd UK

K
Name Banking Licence Protection Scheme Brands under the same Licence
Kleinwort Benson Bank Kleinwort Benson Bank

Guernsey
Isle of Man
Jersey


KRBS KRBS UK

L
Name Banking Licence Protection Scheme Brands under the same Licence
Leeds Building Society Leeds Building Society UK
Leek United Building Society Leek United Building Society UK
Lloyds Bank Lloyds TSB Bank plc UK
Lloyds TSB International Licensed in Jersey Gibraltar
Guernsey
Isle of Man
Jersey

Loughborough Building Society Loughborough Building Society UK

M
Name Banking Licence Protection Scheme Brands under the same Licence
Manchester Building Society Manchester Building Society UK
Mansfield Building Society Mansfield Building Society UK
Market Harborough Building Society Market Harborough Building Society UK
Marks & Spencer Bank Marks & Spencer Financial Services plc UK
Marsden Building Society Marsden Building Society UK
Melton Mowbray Building Society Melton Mowbray Building Society UK
Metro Bank Plc Metro Bank Plc UK
Monmouthshire Building Society Monmouthshire Building Society UK

N
Name Banking Licence Protection Scheme Brands under the same Licence
National Counties Building Society National Counties Building Society UK
National Savings & Investments An executive agency of the Chancellor of the Exchequer 100% backed by HM Treasury
Nationwide Building Society Nationwide Building Society UK
  • Cheshire BS
  • Derbyshire BS
  • Dunfermline BS
Nationwide International Nationwide International Isle of Man
NatWest National Westminster Bank plc UK
NatWest Offshore NatWest Offshore

Gibraltar
Guernsey
Isle of Man
Jersey


Nedbank Private Wealth Licensed in the Isle of Man and Jersey Isle of Man
Jersey

Newbury Building Society Newbury Building Society UK
Newcastle Building Society Newcastle Building Society UK
Norwich & Peterborough Building Society Yorkshire Building Society UK, Gibraltar
  • Barnsley BS
  • Chelsea BS
  • Egg
  • Yorkshire BS
Nottingham Building Society Nottingham Building Society UK

P
Name Banking Licence Protection Scheme Brands under the same Licence
Penrith Building Society Penrith Building Society UK
Permanent Bank International Ltd Permanent TSB plc Isle of Man
Post Office® Bank of Ireland (UK) plc

UK Note: NS&I products sold via the Post Office are 100% backed by HM Treasury

  • Bank of Ireland UK
Principality Building Society Principality Building Society UK
Progressive Building Society Progressive Building Society UK

R
Name Banking Licence Protection Scheme Brands under the same Licence
Raphaels Bank R Raphael & Sons plc UK
Royal Bank of Canada (CI) Royal Bank of Canada (CI) Guernsey
Jersey

Royal Bank of Scotland Royal Bank of Scotland plc UK
RBS International RBS International

Gibraltar
Guernsey
Isle of Man
Jersey



S
Name Banking Licence Protection Scheme Brands under the same Licence
Saffron Building Society Saffron Building Society UK
Saga Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Intelligent Finance
Sainsbury's Finance Sainsbury's Bank plc UK
Santander Santander UK plc UK
  • Alliance & Leicester
  • Bradford & Bingley
  • Cahoot
Santander Private Banking Santander Private Banking Jersey
Scottish Building Society Scottish Building Society UK
Scottish Widows Bank Scottish Widows Bank UK
Secure Trust Bank Secure Trust Bank plc UK
Shawbrook Bank Shawbrook Bank Limited UK
Skipton Building Society Skipton Building Society UK
  • Scarborough Investments Direct
Skipton International Limited Skipton International Limited Guernsey
Smile The Co-operative Bank plc UK
  • Britannia
  • The Co-operative Bank
Stafford Railway Building Society Stafford Railway Building Society UK
Standard Bank Offshore Standard Bank Offshore

Isle of Man
Jersey


Standard Life Cash Savings Barclays Bank plc UK
  • Barclays Bank
State Bank of India State Bank of India UK
Swansea Building Society Swansea Building Society UK

T
Name Banking Licence Protection Scheme Brands under the same Licence
Teachers Building Society Teachers Building Society UK
Tesco Bank Tesco Personal Finance plc UK
Tipton & Coseley Building Society Tipton & Coseley Building Society UK
Triodos Bank Triodos Bank NV EEA – Netherlands
TSB
TSB Bank plc UK
Turkish Bank (UK) Turkish Bank (UK) Ltd UK

U
Name Banking Licence Protection Scheme Brands under the same Licence
Ulster Bank Ulster Bank Limited UK
United Bank UK
United National Bank Limited UK
United Trust Bank United Trust Bank Limited UK

V
Name Banking Licence Protection Scheme Brands under the same Licence
Vanquis Bank Vanquis Bank Ltd UK
Vernon Building Society Vernon Building Society UK
Virgin Money Virgin Money plc UK

W
Name Banking Licence Protection Scheme Brands under the same Licence
Weatherbys Bank Limited Weatherbys Bank Limited UK
Wesleyan Bank Wesleyan Bank Limited UK
West Bromwich Building Society West Bromwich Building Society UK

Y
Name Banking Licence Protection Scheme Brands under the same Licence
Yorkshire Bank Clydesdale Bank plc UK
  • Clydesdale Bank plc
Yorkshire Building Society Yorkshire Building Society UK
  • Barnsley BS
  • Chelsea BS
  • Egg
  • Norwich & Peterborough BS

Z
Name Banking Licence Protection Scheme Brands under the same Licence
Zurich Bank International Ltd Zurich Bank International Ltd Isle of Man


What the different depositor compensation schemes cover

The Financial Services Compensation Scheme (FSCS) protects cash investors up to £85,000 per person per UK Banking Licence. So in order to be fully protected, you should have no more than £85,000 with any one banking licence.

Each individual building society has its own banking licence (which means that each one has its own £85,000 protection limit).

Fast payment rules have applied to banks, building societies and credit unions from 31 December 2010. This means that the FSCS will pay out compensation within 20 business days of the default of an institution.

Pre-Paid Cards

The FSCS does not cover this type of arrangement. If the issuer of a pre-paid card goes bust, no money held on their pre-paid cards will be protected.

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Banks regulated in other European Economic Area (EEA) member states can operate in the UK without UK regulation.

This is called 'passporting' and means that the banks are regulated by the home country's regulator and covered by its compensation scheme.

With effect from 1 January 2011, UK, EU and EEA deposit protection has been unified under the terms of the Deposit Guarantee Schemes Directive. This means there is a Europe-wide minimum of €100,000 protection per individual per bank.

The countries covered by this rule are:

  • Austria
  • Belgium
  • Bulgaria
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • United Kingdom

The Ireland Deposit Guarantee Scheme applies to all Irish deposit institutions and covers the first €100,000 per person, per banking licence.

However, if you have a fixed term account that you opened between the 1 February 2010 and 28 March 2013 you may get additional cover from the Eligible Guarantee Scheme (EGS).

The EGS is applicable to Allied Irish Bank, Anglo Irish Bank Corporation Limited, Bank of Ireland, Educational BS, Irish Life & Permanent and Irish Nationwide BS.

If you opened a fixed term account with one of these providers after they joined the EGS scheme, 100% of your savings are guaranteed for up to 5 years. The EGS is now closed to new liabilities. From 29 March 2013 any new deposit accounts are subject to the normal rules under the Ireland Deposit Guarantee Scheme.

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100% of the total of all qualifying deposits up to a maximum of €100,000 via the Gibraltar Deposit Guarantee Scheme.

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First £50,000 per individual claimant per Licenced institution via the Guernsey Banking Deposit Compensation Scheme.

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Depositors' compensation scheme (DCS) that compensates up to £50,000 of net deposits per individual depositor.

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Depositors Protection Scheme. Individual depositors are protected up to £50,000 per person per Jersey Banking Group.

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It's not who owns your bank, but the banking licence that's most important

Compensation limits are not payable for each savings account you have with a particular bank, but for the total amount you hold with them.

It doesn't matter who your bank is owned by so much as whether the banking licence is shared with other brands in the same group that will affect your compensation entitlement.

For example, in the UK Halifax and Bank of Scotland are under the same banking licence, so you can only get £85,000 across the two brands under the terms of the Financial Services Compensation Scheme (or £170,000 for joint accounts). But NatWest and Royal Bank of Scotland, although both owned by RBS, have separate banking licences, so you would be covered by up to £85,000 for each bank.

What about non UK and EU banks?

Banks based outside the European Economic Area (EEA) that offer savings accounts in the UK can only do so through a UK subsidiary directly authorised by the Prudential Regulation Authority (PRA). Being directly authorised by the PRA also means that they come fully under the UK Financial Services Compensation Scheme which, as far as savers are concerned, means that they are the same as any other UK bank.

Guide Updated: 02/04/14

What Next?

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(from banks based in Gibraltar, Guernsey, Isle of Man and Jersey)
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More savings guides

The figures and details shown are obtained from sources believed to be reliable. The accuracy and completeness of any information cannot be guaranteed, however, and no warranty or representation is given. Due to the recent mergers and acquisitions in the finance sector individuals are advised to check specific conditions with individual banks and institutions as joint licence compensation limits can be dependent upon the dates when individual accounts are opened.

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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