How Will The UK leaving The EU Impact Your Savings? | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

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 It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 07/12/2020

Although the UK left the European Union (EU) at the beginning of 2020, the transition period is due to end at the end of December, which means that from the 1 January 2021 EU regulations will no longer apply to the UK.

Here we take a look at how the UK leaving the EU will impact saving protection.

Will your savings be protected under the FSCS?

Under the Financial Services Compensation Scheme funds of up to £85,000 deposited into banks or building societies operating under one banking licence are protected in the event of the bank or building society collapsing.

While the UK leaving the EU will not impact the FSCS protection on money deposited into UK-based banks or building societies, funds deposited into banks that previously operating in the UK from the EU will no longer be automatically protected. Instead these banks must be authorised in the UK or have temporary permission from the UK authorities.

Some banks, such as RCI Bank and Handelsbanken have already become UK authorised and, as a result, have moved customers over to the FSCS protection scheme from the French and Swedish schemes respectively. Meanwhile, banks such as Ikano, which is a Swedish bank and do not have UK authorisation, will be in the Temporary Permission Regime from the 1 January 2021 pending them becoming authorised in the UK, which means their deposits will start to be protected under FSCS. Some banks, such as Fidor Bank, have decided to withdraw from the UK market.

One bank that continues to operate in the UK, but where it is not clear that it has started the process for UK authorisation is AgriBank, which means deposits within this bank may not be protected under the FSCS after the 1 January 2021.

Savers, especially those locking into fixed rate bonds, are advised to check whether the bank they are considering will be protected under the FSCS after the 1 January 2021 before depositing their money.

What protection will money deposited in AgriBank get?

From our current understanding, after the 1 January money deposited in AgriBank, which is based in Malta and has the highest fixed bond rate at the time of writing, will continue to be protected under the Maltese deposit protection scheme. Under this scheme deposits of up to €100,000 per individual per bank are protected.

Will money deposited in offshore accounts be protected?

Money deposited in offshore accounts, including Guernsey and Jersey, will see no change to their current protection after the 1 January 2021. As well as this, expats living abroad and who have money held in local banks will continue to have the same protection they had before 2021.

For more information about protection schemes and how each country’s scheme works, read our guide on the depositor protection scheme.


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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. 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.

man looking at laptop and holding phone

Cookies will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy