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Depositor protection schemes if a bank goes bust

Depositor protection schemes if a bank goes bust

Category: Savings

Updated: 12/10/2016
First Published: 18/06/2014

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

Most UK banks are licensed here in the UK, but some are EU banks that are operating under a "passport" licence scheme, and will have different compensation rules.

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 Ireland (UK) plc for savings accounts
Family Investments for cash ISAs
UK
  • Bank of Ireland
  • Post Office
AgriBank AgriBank PLC Malta
Airdrie Savings Bank Airdrie Savings Bank UK
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)
Al Rayan Bank Al Rayan Bank PLC UK
AIB International Savings Ltd AIB International Savings Ltd Isle of Man
Axis Bank Axis Bank UK UK

B
Name Banking Licence Protection Scheme Brands under the same Licence
Bank and Clients Bank and Clients PLC UK
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 & Counties Bank Cambridge & Counties Bank UK
Cambridge Building Society Cambridge Building Society UK
Cater Allen Private Bank Cater Allen Ltd UK
Charity Bank The Charity Bank Ltd UK
Charter Savings Bank Charter Court Financial Services Ltd UK
Chelsea Building Society Yorkshire Building Society UK
  • Barnsley BS
  • Egg
  • Norwich & Peterborough BS
  • Yorkshire 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
Dudley Building Society Dudley Building Society UK

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

F
Name Banking Licence Protection Scheme Brands under the same Licence
Family Building Society National Counties Building Society UK
  • National Counties Building Society
Fidor Bank Fidor Bank AG Germany
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
GE Capital Direct
GE Capital Bank Ltd UK

H
Name Banking Licence Protection Scheme Brands under the same Licence
Habib Bank Zurich Plc Habib Bank AG Zurich UK
Halifax Bank of Scotland plc UK
  • AA Financial Services
  • Aviva
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Intelligent Finance
  • Saga
Hampshire Trust Bank Hampshire Trust Plc UK
Handelsbanken Svenska Handelsbanken AB Sweden
Hanley Economic Building Society Hanley Economic Building Society UK
Harpenden Building Society Harpenden Building Society UK
Harrods Bank Harrods Bank Ltd UK
Hinckley & Rugby Building Society Hinckley & Rugby Building Society UK
Hodge Bank Julian Hodge Bank Ltd 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
Ikano Bank Ikano Bank AB (publ) Sweden
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
Isle of Man Bank Isle of Man Bank Isle of Man

K
Name Banking Licence Protection Scheme Brands under the same Licence
KRBS One Savings Bank plc UK
Kleinwort Benson Bank Kleinwort Benson Bank

Guernsey
Isle of Man
Jersey



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 Bank 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
Milestone Savings Gatehouse Bank plc 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 Nedbank Private Wealth Limited.
Licensed in the Isle of Man and Jersey
UK
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
Paragon Bank Paragon Bank plc UK
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
Punjab National Bank Punjab National Bank (International) plc UK

O
Name Banking Licence Protection Scheme Brands under the same Licence
OakNorth Bank OakNorth Bank Limited UK

R
Name Banking Licence Protection Scheme Brands under the same Licence
Raphaels Bank R Raphael & Sons plc UK
RCI Bank UK RCI Banque France
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
Union Bank of India
Union Bank of India (UK) Ltd. 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 investments up to £75,000 per person per UK Deposit Taking Licence. All UK authorised banks and building societies have a Deposit Taking licence. So in order to be fully protected, you should have no more than £75,000 with any one banking licence.

Prior to 1 January 2016, the protected amount was £85,000.

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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.

UK, EU and EEA deposit protection is 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 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 five 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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Here, 100% of the total of all qualifying deposits (up to a maximum of €100,000) are covered via the Gibraltar Deposit Guarantee Scheme.

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The first £50,000 per individual claimant per licensed institution is covered via the Guernsey Banking Deposit Compensation Scheme.

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The Isle of Man's 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, but rather 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'll only be covered for £75,000 across the two brands under the terms of the Financial Services Compensation Scheme (or £150,000 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 £75,000 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.

What Next?

Compare the best UK savings accounts

Search all UK savings accounts

Compare the best offshore savings accounts
(from banks based in Gibraltar, Guernsey, Isle of Man and Jersey)
Search all offshore savings accounts

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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