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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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.