Whether you are a business leader, self-employed or a charity, you still need to know that your business' cash savings are protected. All UK banks and building societies are part of the UK Financial Services Compensation Scheme; a depositor protection scheme, which may safeguard the money in your business bank account (up to a certain amount) against their financial troubles. Generally the deposits of most non-financial businesses will be covered, but you should always check with your bank first.
As the Brexit transition period is over, banks must now operate in the UK as a UK-authorised institution, or under the UK regulators’ Temporary Permissions Regime. This is an interim stage where the institution intends to become authorised in the UK but has yet to be granted permission by the UK regulators. Their UK customers’ deposits are protected by the FSCS during this period so have equivalent protection to authorised institutions in the UK.
This list will provide you with the information of where your bank or building society is licensed and what depositor protection guarantees you’ll get if they go bust.
This guide details the depositor protection rules for businesses in accounts held in the UK and crown dependencies.
