
Depositor protection schemes
What would happen if a bank goes bust?
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To prevent the financial collapse of a bank from having disastrous effects on your savings, banks and building societies offering their services to UK savers must be covered by a depositor protection scheme, which safeguards the money in your bank account (up to a certain amount) against their financial troubles.
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 bank 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 UK banks. Additionally, offshore banks and building societies operating in the crown dependencies of Gibraltar, Guernsey, Isle of Man and Jersey, as well as those from the Isle of Man will have different compensation limits to that offered by the UK Financial Services Compensation Scheme. These are not affected by the UK leaving the EU.
To find out where your bank or building society is licensed, and what depositor protection guarantees you'll get if they go bust, we’ve compiled a list.
The depositor compensation schemes have different rules and limits in differing areas. You can find the relevant depositor compensation schemes by jurisdiction below.
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The Financial Services Compensation Scheme (FSCS) protects your cash deposits up to £85,000 for a sole account and £170,000 for a joint account. Some banks and building societies share their banking licence and protection limit across multiple brands and subsidiaries. When this is the case the protection limit is shared as one maximum across all the brands. The only exception to this rule is if you have a temporary high balance, for example though a house sale or inheritance, then up to £1 million per person per banking licence is protected. Up to 1 February 2021 a temporary high balance is covered for 12 months. After this the maximum period reduces to 6 months. If you have borrowed from the bank or building society, your savings will not be used to reduce or repay your debt. Separate arrangements will be made for this. |
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Previously, banks regulated in other European Economic Area (EEA) member states could operate in the UK without UK regulation under a process called 'passporting' which meant they were regulated by the home country's regulator and covered by its compensation scheme. The passporting scheme ended on 31 December 2020, from when all banks operating in the UK must be authorised by the UK authorities. A small number of banks are operating in the UK under a temporary UK permission described above. Any money you previously deposited with an EU bank will be covered by that country’s deposit protection scheme if they have chosen not to become a UK-authorised bank. |
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If you have money deposited in a bank or building society in Gibraltar, then your money will be protected by the Gibraltar Deposit Guarantee Scheme. This protection is up to €100,000 deposited per bank licence for a single account and up to €200,000 for a joint account. If you have funds over this amount they should to deposited with a bank or building society that has a separate licence to ensure all your money is protected. If you have also borrowed from the failed bank or building society, any money you have saved with the bank or building society can be taken off the amount you are owe to reduce or clear this debt before receiving your compensation. |
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The first £50,000 per person or £100,000 for joint accounts per bank or building society brand are protected under the Guernsey Banking Deposit Compensation Scheme. If you have funds over this amount they must to deposited with a bank or building society that has a separate licence to ensure all your money is protected. if you have also borrowed from the failed bank or building society any money you have saved with the bank or building society can be taken off the amount you are owe to reduce or clear this debt before receiving your compensation. |
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Through the Isle of Man’s Depositors’ Compensation Scheme (DCS) up to £50,000 per individual depositor for each bank or building society licence is protected. Those with a joint account will have £100,000 protected per brank or building society licence under the scheme.
If you have funds over this amount they should be deposited with a bank or building society that has a separate licence to ensure all your money is protected. If you have borrowed from the bank or building society, your savings will not be used to reduce or repay your debt. Separate arrangements will be made for this. |
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Individual depositors have up to £50,000 of their money protected per bank or building society licence under the Jersey Depositors Protection Scheme. Those with a joint account will have £100,000 of their money protected per bank or building society brand. If an individual depositor has over £50,000, the additional amount should be with a bank or building society that has a seperate licence in order for all their money to be protected.
If you have borrowed from the bank or building society, your savings will not be used to reduce or repay your debt. Separate arrangements will be made for this. |
Compensation limits are not payable for each savings account you have with a particular bank, but for the total amount you hold with them. It doesn't matter who your bank is owned by, but rather whether the banking licence is shared with other brands in the same group that will affect your compensation entitlement.
For example, in the UK, Halifax and Bank of Scotland are under the same banking licence, so you'll only be covered for £85,000 across the two brands under the terms of the Financial Services Compensation Scheme (or £150,000 for joint accounts). But NatWest and Royal Bank of Scotland, although both owned by RBS, have separate banking licences, so you would be covered by up to £85,000 for each bank.
Things can get a little trickier if your savings are held in a savings platform.
Savings platforms – such as Raisin UK or Flagstone – are websites that offer savings accounts from selected banks and building societies, in some cases offering exclusive deals that you won’t be able to find anywhere else. They can offer some of the best rates, too, which is why you’ll regularly spot them in our charts.
One benefit of savings platforms is that you’re not tied to a single bank or building society, and can instead choose between several different providers in one place and easily move your money between them. However, the downside is that your FSCS protection isn’t so clear-cut.
This is because the savings platform itself is only regulated as a payment firm, not a bank – it’s merely a kind of concierge service to help you find the best rates. This means that if it were to fail and it held your money outside of a protected account, you would not get your money back.
However, that isn’t the whole story. Each of the platforms has its own bank account where it keeps your money pending investment in your chosen bank or building society. If your money is in this hub or holding account which is provided by a regulated bank you will still have FSCS protection. You are always protected when your money is held in your chosen account.
This is why it’s essential to know who’s looking after your cash, and whether the necessary protections are in place. Here’s a quick overview of some of the most popular savings platforms and their hub account providers – and as you can see, all the most common ones are FSCS-protected.
PLATFORM |
HOLDING ACCOUNT PROVIDER |
FSCS PROTECTED? |
Raisin UK |
Starling Bank |
Yes |
Flagstone |
Barclays Bank or HSBC |
Yes |
Hargreaves Lansdown Active Savings |
Barclays Bank |
Yes |
Aviva Save |
Starling Bank |
Yes |
Interactive Investor Cash Savings (provided by Flagstone) |
Barclays Bank or HSBC |
Yes |
Insignis Cash Solutions |
Barclays Bank |
Yes |
The account must be in your name to have suitable protection, and bear in mind overall FSCS limits too. The same £85,000 limit applies whether you’ve gone directly or through a platform, so if you’ve got £50,000 with Paragon Bank and another £50,000 held with Paragon but via a platform, you wouldn’t get the full £100,000 if it were to go bust, only the £85,000 maximum.
Similarly, if you’ve got savings with the hub account provider as well as through a savings platform, make sure that your savings don’t exceed the limit (unless you’re confident that your money won’t be kept in the hub account for long). Most platforms stipulate that any accounts offered by banks based in other European countries are protected by the equivalent guarantee scheme
Just bear in mind that, if things were to go wrong, timelines can be different. If you hold funds directly with a bank that fails, the FSCS should reimburse you within seven days. However, if it’s via a platform, it can take as long as three months to get your money back.
Banks based outside the UK that offer savings accounts in the UK can now only do so through a UK subsidiary directly authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Being directly authorised in the UK also means that they come fully under the UK Financial Services Compensation Scheme which, as far as savers are concerned, means that they are the same as any other UK bank.
Now that the Brexit transition period is over, this applies to EU banks as well as those from further afield. However if you have already got savings with an EU bank that has chosen not to continue to operate in the UK, the money will still be covered by the scheme of the country where the bank is based, up to €100,000.
With UK Financial Services Compensation Scheme there is an exception for temporary high balances. Examples might include funds received temporarily due to a dramatic life event, such as:
Temporary high balances are covered for 12 months from the date the money is deposited into the account. The 12-month period is available up to the 1 February 2021, after this the period of cover reduces to 6 months. This should give enough time to redistribute the funds across banks to protect the full amount.
Other savings that are not covered by the protection scheme include any funds that are relevant to a conviction for money laundering, or where the account holder's identity has not been verified by the bank or building society under the money laundering regulations.
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.
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
AA Financial Services |
Bank of Ireland (UK) plc |
UK |
Bank of Ireland Post Office® Money |
Adam and Company |
Royal Bank of Scotland |
UK |
Royal Bank of Scotland |
Ahli United Bank (UK) |
Ahli United Bank (UK) plc |
UK |
|
AIB |
AIB Group (UK) plc |
UK |
Allied Irish Bank (GB) |
Aldermore |
Aldermore Bank plc |
UK |
|
Allica Bank |
Allica Bank Limited |
UK |
|
Allied Irish Bank (GB) |
AIB Group (UK) plc |
UK |
AIB |
Al Rayan Bank |
Al Rayan Bank plc |
UK |
|
Arbuthnot Direct |
Arbuthnot Latham & Co Ltd |
UK |
Arbuthnot Latham |
Arbuthnot Latham |
Arbuthnot Latham & Co. Ltd |
UK |
Arbuthnot Direct |
Atom Bank |
Atom Bank plc |
UK |
|
Axis Bank |
Axis Bank UK |
UK |
|
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
Bank of Baroda |
Bank of Baroda (UK) Limited |
UK |
|
Bank of Ceylon (UK) |
Bank of Ceylon (UK) Ltd |
UK |
|
Bank of China (UK) |
Bank of China (UK) Limited |
UK |
|
Bank of Ireland UK |
Bank of Ireland (UK) plc |
UK |
Post Office Money® 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 |
Birmingham Midshires Halifax, Intelligent Finance |
Barclays Bank |
Barclays Bank UK plc |
UK |
|
Barclays Bank (Offshore Banking) |
Barclays Bank plc |
Guernsey Isle of Man Jersey |
|
Bath Building Society |
Bath Investment and Building Society |
UK |
|
Beehive Money |
Nottingham Building Society |
UK |
Nottingham Building Society |
Beverley Building Society |
Beverley Building Society |
UK |
|
Birmingham Midshires |
Bank of Scotland plc |
UK |
Bank of Scotland Halifax, Intelligent Finance |
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 |
|
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
CAF Bank |
Charities Aid Foundation |
UK |
|
Cahoot |
Santander UK plc |
UK |
Santander |
Cambridge & Counties Bank |
Cambridge & Counties Bank |
UK |
|
Cambridge Building Society |
Cambridge Building Society |
UK |
|
Castle Trust |
Castle Trust Capital plc |
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 |
|
Chase |
JP Morgan Europe Ltd |
UK |
JP Morgan |
Chelsea Building Society |
Yorkshire Building Society |
UK |
Yorkshire Building Society |
C Hoare & Co |
C Hoare & Co |
UK |
|
Chorley & District Building Society |
Chorley & District Building Society |
UK |
|
Citibank |
Citibank UK Limited |
UK |
|
Close Brothers Savings |
Close Brothers Limited |
UK |
|
Clydesdale Bank |
Clydesdale Bank plc |
UK |
Yorkshire Bank Virgin Money |
Conister Bank |
Conister Bank Limited |
Isle of Man |
|
The Co-operative Bank |
The Co-operative Bank plc |
UK |
Britannia Smile |
Coutts & Co |
Coutts & Co |
UK |
|
Coventry Building Society |
Coventry Building Society |
UK |
Stroud & Swindon Building Society |
Credit Suisse |
Credit Suisse (UK) Ltd |
UK |
|
Cumberland Building Society |
Cumberland Building Society |
UK |
|
Cynergy Bank |
Cynergy Bank Limited |
UK |
|
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 |
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 |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
Family Building Society |
National Counties Building Society |
UK |
National Counties Building Society |
FCMB Bank |
FCMB Bank (UK) Ltd |
UK |
|
first direct |
HSBC UK Bank plc |
UK |
HSBC |
FirstSave |
FBN bank (UK) Ltd |
UK |
|
Ford Money |
FCE Bank plc |
UK |
|
Furness Building Society |
Furness Building Society |
UK |
|
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
Gatehouse Bank |
Gatehouse Bank plc |
UK |
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 Birmingham Midshires, Intelligent Finance |
Hampshire Trust Bank |
Hampshire Trust Bank Plc |
UK |
|
Handelsbanken |
Handelsbanken plc |
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 plc |
Jersey |
|
HSBC Private Bank |
HSBC Private Bank (UK) Limited |
UK |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
ICICI Bank UK |
ICICI Bank UK plc |
UK |
|
Ikano Bank |
Ikano Bank AB (publ) |
UK |
|
Investec Bank (Channel Islands) Ltd |
Investec Bank (Channel Islands) Ltd |
Guernsey |
|
Investec Bank plc |
Investec Bank plc |
UK |
Moneybox Plum |
ISBank |
Turkiye Is Bankasi As |
UK |
|
Isle of Man Bank |
The Royal Bank of Scotland International |
Isle of Man |
NatWest International |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
JN Bank |
JN Bank UK Limited |
UK |
|
J P Morgan |
JP Morgan Europe Ltd |
UK |
Chase |
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 Jersey |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
Leeds Building Society | Leeds Building Society |
UK Gibraltar |
|
Leek United Building Society | Leek United Building Society | UK | |
Lloyds Bank |
Lloyds Bank plc |
UK |
Scottish Widows Bank Lloyds Bank Private Banking Cheltenham & Gloucester |
Lloyds Bank International |
Lloyds Bank Capital Markets plc |
Guernsey |
|
Lloyds Bank Private Banking |
Lloyds Bank plc |
UK |
Scottish Widows Bank Lloyds Bank Cheltenham & Gloucester |
Loughborough Building Society | Loughborough Building Society | UK |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
M&S Bank |
Marks & Spencer Financial Services plc |
UK |
|
Manchester Building Society | Manchester Building Society |
UK |
|
Mansfield Building Society |
Mansfield Building Society |
UK |
|
Marcus by Goldman Sachs |
Marcus by Goldman Sachs |
UK |
|
Market Harborough Building Society |
Market Harborough Building Society |
UK |
|
Marsden Building Society |
Marsden Building Society |
UK |
|
Masthaven |
Masthaven |
UK |
|
Metro Bank |
Metro Bank |
UK |
|
Moneybox |
Moneybox |
UK |
Investec Bank plc Plum Shawbrook Bank |
Moneycorp Bank |
Moneycorp Bank |
Gibraltar |
|
Monmouthshire Building Society |
Monmouthshire Building Society |
UK |
|
Monument Bank |
Monument Bank Limited |
UK |
|
Monzo Bank |
Monzo Bank |
UK |
|
My Community Bank |
My Community Bank |
UK |
|
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 |
The Royal Bank of Scotland International plc |
Gibraltar |
Isle of Man Bank |
Nedbank Private Wealth | Nedbank Private Wealth Limited | UK Isle of Man |
|
Newbury Building Society | Newbury Building Society | UK | |
Newcastle Building Society | Newcastle Building Society | UK | |
Nottingham Building Society | Nottingham Building Society | UK |
Beehive Money |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
OakNorth Bank |
OakNorth Bank PLC |
UK |
|
Oxbury Bank |
Oxbury Bank Plc |
UK |
|
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 |
UK |
|
Plum |
Investec Bank plc |
UK |
Investec Bank plc Moneybox |
Post Office® Money | Bank of Ireland (UK) plc | UK |
Bank of Ireland UK AA Financial Services |
Principality Building Society | Principality Building Society | UK | |
Progressive Building Society | Progressive Building Society | UK | |
Punjab National Bank | Punjab National Bank (International) plc | UK |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
QIB (UK) | QIB (UK) Plc | UK |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
RCI Bank UK | RCI Bank UK Ltd | UK | |
Recognise Bank | Recognise Bank Limited | UK | |
Redwood Bank | Redwood Bank Limited | UK | |
Reliance Bank |
Reliance Bank Limited |
UK |
|
Royal Bank of Canada (CI) | Royal Bank of Canada (Channel Islands) Ltd | Guernsey Jersey |
|
Royal Bank of Scotland | Royal Bank of Scotland plc | UK |
Adam & Company |
Name |
Banking Licence |
Protection Scheme |
Brands under the same licence |
Saffron Building Society |
Saffron Building Society |
UK |
|
Saga |
Goldman Sachs International Bank |
UK |
Marcus by Goldman Sachs |
Sainsbury's Bank |
Sainsbury's Bank plc |
UK |
|
Santander |
Santander UK plc |
UK |
Cahoot |
Santander International |
Santander Financial Services plc |
Isle of Man Jersey |
|
Scottish Building Society |
Scottish Building Society |
UK |
|
Scottish Widows Bank |
Lloyds Bank plc |
UK |
Lloyds Bank Lloyds Bank Private Banking Mayfair Private Bank, Worldwide Service Cheltenham & Gloucester |
Secure Trust Bank |
Secure Trust Bank plc |
UK |
|
Sensible Savings |
The Access Bank UK Limited |
UK |
|
Shawbrook Bank |
Shawbrook Bank Limited |
UK |
Moneybox |
Skipton Building Society |
Skipton Building Society |
UK |
|
Skipton International Limited |
Skipton International Limited |
Guernsey |
|
SmartSave |
Chetwood Financial Limited |
UK |
|
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 Jersey Ltd, Standard Bank Isle of Man Ltd |
Jersey, Isle of Man |
|
Starling Bank |
Starling Bank Limited |
UK |
|
State Bank of India |
State Bank of India |
UK |
|
Suffolk Building Society |
Suffolk Building Society |
UK |
|
Swansea Building Society |
Swansea Building Society |
UK |
|
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 UK Limited | UK | |
TSB | TSB Bank plc | UK | |
Turkish Bank (UK) | Turkish Bank (UK) Ltd | UK |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
UBL UK | United National Bank Limited | uk | |
Ulster Bank | Ulster Bank Limited | UK | |
Union Bank of India | Union Bank of India (UK) Ltd | UK | |
Union Bank UK | Union Bank UK plc | UK | |
United Trust Bank UK | United Trust Bank Limited | UK | |
Unity Trust Bank | Unity Trust Bank plc | UK |
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 | Clydesdale Bank plc | UK |
Yorkshire Bank Clydesdale Bank |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
Weatherbys Bank Limited | Weatherbys Bank Limited | UK | |
Wesleyan Bank | Wesleyan Bank Limited | UK | |
West Brom Building Society | West Brom Building Society | UK | |
Wyelands Bank | Wyelands Bank Plc | UK |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
Yorkshire Bank | Clydesdale Bank plc | UK |
Clydesdale Bank Virgin Money |
Yorkshire Building Society | Yorkshire Building Society | UK |
Chelsea BS |
Name | Banking Licence | Protection Scheme | Brands under the same licence |
Zenith Bank | Zenith Bank (UK) Ltd | UK | |
Zopa | Zopa Bank Ltd | UK |
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.