Derin Clark

Derin Clark

Online Reporter
Published: 06/02/2019

At a glance

  • To ensure that your business savings are protected it is important that your bank or building society is signed up to a depositor protection scheme. 
  • A depositor protection scheme covers your money in the event the bank or building society went bust and this applies to foreign banks, as well as UK-based ones. 

Whether you are a business leader, self-employed or a charity, you still need to know that your business savings are protected. All UK banks and building societies are signed up to 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. Whether a business is eligible for protection under the compensation scheme is not straightforward (even the FSCS’s site can’t give a definitive answer!), but generally the deposits of non-financial businesses will be covered.

Most banks operating in the UK are licensed here in the UK, but some are EU banks that operate in the UK under a ‘passport’ licence scheme or those in crown dependencies. This means their depositor protection has different compensation rules and is managed by the country they are licenced in.  

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.

Depositor protection schemes for businesses and charities: how much is covered?

The depositor compensation schemes for businesses and charities have different rules and limits in differing areas. You can find the relevant depositor correction schemes by jurisdiction below.

Area: United Kingdom

The Financial Services Compensation Scheme (FSCS) protects cash deposits of eligible businesses up to £85,000. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries. When this is the case the £85,000 limit is shared across all these organisations. To protect all your money, you should ensure that amounts over the limit are deposited with a provider with a separate banking licence. If your business or charity has borrowed money from the bank or building society the compensation you receive cannot be used to reduce or repay your debt.

 

Area: European Economic Area

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

Area: Gibraltar

The Gibraltar Deposit Guarantee Scheme protects the money of small businesses, registered charities and partnerships up to a maximum of €100,000 or the equivalent in Sterling. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries, which means that the total €100,000 limit is shared across all these organisations. To ensure all your money is protected it is advisable to deposit amounts over the limit with a provider that has a separate banking licence. If your business or charity has borrowed money from the bank or building society the compensation you receive can be used to reduce or repay your debt and any funds remaining can then be paid to you.

Area: Guernsey

The Guernsey Depositors’ Compensation Scheme protects up to £50,000 for registered charities, however businesses and partnerships are not protected. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries, which means that the total £50,000 limit is shared across all these organisations. If you are a registered charity to ensure all your money is protected it is advisable to deposit amounts over the limit with a provider that has a separate banking licence. If your charity has borrowed money from the bank or building society the compensation you receive can be used to reduce or repay your debt and any funds remaining can then be paid to you.

Area: Isle of Man

The Isle of Man Depositors’ Protection Scheme protects the money of businesses, registered charities and partnerships up to a limit of £20,000. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries, which means that the total £20,000 limit is shared across all these organisations. To ensure that all your money is protected it is advisable to deposit amounts over the limit with a provider that has a separate banking licence. If your business or charity has borrowed money from the bank or building society the compensation you receive can be used to reduce or repay your debt and any funds remaining can then be paid to your business or charity.

Area: Jersey

The Jersey Depositors’ Compensation Scheme protects the money of registered charities to a limit of £50,000. Businesses and partnerships are not protected. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries, which means that the total £50,000 limit is shared across all these organisations. If you are a registered charity to ensure that all your money is protected it is advisable to deposit amounts over the limit with a provider that has a separate banking licence. If you have borrowed money from the bank or building society the compensation you receive cannot be used to reduce or repay your debt.

Note

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.

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
Adam and Company Royal Bank of Scotland UK
  • Royal Bank of Scotland
AgriBank AgriBank PLC Malta  
Airdrie Savings Bank Airdrie Savings Bank UK  
Aldermore Aldermore Bank plc UK  
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  
Arbuthnot Latham Arbuthnot Latham & Co. Ltd UK  
Atom Bank Atom Bank plc UK  
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 Baroda Bank of Baroda (UK) Limited UK
Bank of China (UK) Bank of China (UK) Limited UK  
Bank of Ireland UK Bank of Ireland (UK) plc UK
  • Post Office ®
  • AA Financial Services
Bank of London and The Middle East Bank of London and The Middle East plc UK
Bank of Scotland Bank of Scotland plc UK
  • BM Savings
  • Birmingham Midshires
  • Halifax
  • Saga
Barclays Bank Barclays Bank UK plc UK
  • Standard Life Cash Savings
Barclays Wealth Licensed in Gibraltar, Guernsey, Isle of Man and Jersey Gibraltar
Guernsey
Isle of Man
Jersey
Bath Building Society Bath Investment and Building Society UK  
Beverley Building Society Beverley Building Society UK  
BFC Bank BFC Bank Limited UK  
BM Savings Bank of Scotland plc UK
  • Bank of Scotland
  • Birmingham Midshires
  • Halifax
  • Saga
Britannia The Co-operative Bank plc UK
  • The Co-operative Bank
  • Smile
Brown Shipley Brown Shipley & Co Limited UK
Buckinghamshire Building Society Buckinghamshire Building Society UK

C

Name Banking Licence Protection Scheme Brands under the same licence
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
  • Norwich & Peterborough BS
  • Yorkshire BS
C Hoare & Co C Hoare & Co UK  
Chorley & District Building Society Chorley & District Building Society UK  
Citibank Citibank Europe plc UK  
Close Brothers Savings Close Brothers Limited UK  
Clydesdale Bank Clydesdale Bank plc UK
  • Yorkshire Bank
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
Credit Suisse Credit Suisse (UK) Ltd UK  
Cumberland Building Society Cumberland Building Society UK  
Cynergy Bank Cynergy Bank Limited 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  
EFG Private Bank EFG Private Bank Ltd 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 UK Bank plc UK
  • HSBC
FirstSave FBN bank (UK) Ltd UK  
First Trust Bank (NI) Darlington Building Society UK
  • Allied Irish Bank (GB)
  • Allied Irish Bank (GB) Savings Direct
Ford Money FCE Bank plc UK  
Furness Building Society Furness Building Society UK

G

Name Banking Licence Protection Scheme Brands under the same licence
Gatehouse Bank Gatehouse Bank plc 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
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Saga
Hampshire Trust Bank Hampshire Trust Bank Plc UK  
Handelsbanken Svenska Handelsbanken AB UK  
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  
Hodge Bank Julian Hodge Bank Ltd UK  
HSBC HSBC UK Bank plc UK
  • first direct
HSBC Expat HSBC Bank International Jersey
Guernsey
Isle of Man
 
HSBC Private Bank HSBC Private Bank (UK) Limited UK

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

J

Name Banking Licence Protection Scheme Brands under the same licence
J P Morgan JP Morgan Europe Ltd UK

K

Name Banking Licence Protection Scheme Brands under the same licence
Kent Reliance One Savings Bank plc UK  
Kleinwort Hambros SG Kleinwort Hambros Bank (CI) Limited 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 Bank plc UK
  • Scottish Widows Bank
  • Lloyds Bank Private Banking
Lloyds Bank International Licensed in Gibraltar, Guernsey, Isle of Man, 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  
Marcus by Goldman Sachs® Goldman Sachs International Bank 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  
Masthaven Bank Masthaven Bank Limited UK  
Melton Mowbray Building Society Melton Mowbray Building Society UK  
Metro Bank Plc Metro Bank Plc UK  
Moneycorp Bank Moneycorp Bank Ltd Gibraltar  
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
  • Family Building Society
National Savings & Investments An executive agency of the Chancellor of the Exchequer 100% backed by HM Treasury  
Nationwide Building Society Nationwide Building Society UK  
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
  • Chelsea BS
  • Yorkshire BS
Nottingham Building Society Nottingham Building Society UK

O

Name Banking Licence Protection Scheme Brands under the same licence
OakNorth Bank OakNorth Bank PLC UK

P

Name Banking Licence Protection Scheme Brands under the same licence
Paragon Bank Paragon Bank plc UK  
PCF Bank PCF Bank Ltd UK  
Penrith Building Society Penrith Building Society Isle of Man  
Post Office® Bank of Ireland (UK) plc UK
  • 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

Q

 

Name Banking Licence Protection Scheme Brands under the same licence
QIB (UK) QIB (UK) Plc UK  

 

R

Name Banking Licence Protection Scheme Brands under the same licence
Raphaels Bank R Raphael & Sons plc UK  
RCI Bank UK RCI Bank UK Ltd UK  
Redwood Bank Redwood Bank Limited UK  
Royal Bank of Canada (CI) Royal Bank of Canada (CI) Guernsey
Jersey
 
Royal Bank of Scotland Royal Bank of Scotland plc UK
  • Adam & Company

S

Name Banking Licence Protection Scheme Brands under the same licence
Saffron Building Society Saffron Building Society UK  
Saga Bank of Scotland plc UK
  • Bank of Scotland
  • BM Savings
  • Birmingham Midshires
  • Halifax
Sainsbury's Finance Sainsbury's Bank plc UK  
Santander Santander UK plc UK  
Santander Private Banking Santander Private Banking Jersey  
Schroders Schroder & Co Ltd UK  
Scottish Building Society Scottish Building Society UK  
Scottish Widows Bank Lloyds Bank plc UK
  • Lloyds Bank
  • Llyods Bank Private Banking
Secure Trust Bank Secure Trust Bank plc UK  
Shawbrook Bank Shawbrook Bank Limited UK  
Skipton Building Society Skipton Building Society UK  
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
 
Starling Bank Starling Bank Limited UK  
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
Tandem Bank Tandem Bank Ltd UK  
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 UK 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  
Wyelands Bank Wyelands Bank Plc 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
  • Chelsea BS
  • Norwich & Peterborough BS

Z

Name Banking Licence Protection Scheme Brands under the same licence
Zenith Bank Zenith Bank (UK) Ltd UK  
Zurich Bank International Ltd Zurich Bank International Ltd Isle of Man

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.

person writing in notebook with two laptops open

At a glance

  • To ensure that your business savings are protected it is important that your bank or building society is signed up to a depositor protection scheme. 
  • A depositor protection scheme covers your money in the event the bank or building society went bust and this applies to foreign banks, as well as UK-based ones. 

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