Are your savings safe? - Savings - News - Moneyfacts


Are your savings safe?

Are your savings safe?

Category: Savings

Updated: 22/01/2010
First Published: 24/09/2007

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A lot of our customers have been asking us if their savings are 100% safe and are worried about which Financial Institution owns which savings companies and what level of protection the Government gives to savers in the unlikely event that a Financial Institution goes under.

How your savings and investments are protected

Savers and investors are afforded with the following levels of protection:

  • Deposit taking firm - 100% of the first £50,000 per individual
  • Insurance firm - the first £2,000 of an insurance claim or policy is covered in full, plus 90% of the balance. Compulsory insurance claims are covered in full.
  • Investment firm - the limit is £48,000 (100% of the first £30,000 and 90% of the next £20,000) per individual.
  • Other EEA Banks and Building Societies (including deposits with UK branches of those institutions) - up to 100% of the first €50,000 per individual
  • Gibraltar Deposit Guarantee Scheme - the lesser of £18,000 (or the sterling equivalent of €20,000 whichever is the greater)
  • Isle of Man Banking Business (Compensation of Depositors) Regulations 1991 (Financial Supervision Act (IOM) 1988) - 75% of the first £20,000 per individual
  • Jersey and Guernsey - no Depositor Protection Schemes

Who owns whom?

Our Savings Companies - who owns whom article, provides details of the each of the main savings companies together with details of which Financial Institutions own them.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!