Published: 06/02/2019

At a glance

  • All banks and building societies listed by Moneyfacts are signed up to a depositor protection scheme that would cover your money in the event the institution in question went bust.
  • This applies to foreign banks as well as UK-based entities.
  • Most UK savers will be covered under the UK scheme (the Financial Services Compensation Scheme), which covers up to £85,000 per person per banking licence.
  • Find out where your bank is licenced, and the level of protection you’ll receive accordingly, by reading this guide.

After the financial crisis in 2008 it’s understandable that savers can still be nervous about the safety of their hard-earned cash. 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 signed up to a depositor protection scheme, which safeguards the money in your bank account (up to a certain amount) against their financial troubles.

Most banks in the UK are licensed here in the UK, but some are EU banks that are operating under a ‘passport’ licence scheme, and will have different compensation rules. Additionally, banks and building societies operating in the crown dependencies of Gibraltar, Guernsey, Isle of Man and Jersey will have different compensation limits to that offered by the UK Financial Services Compensation Scheme.

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.

Depositor protection schemes; what and how much is covered?

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

United Kingdom

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.

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.

 

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

 

Gibraltar

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.

Guernsey

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.  

Isle of Man

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.

Jersey

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 sperate 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.

It's not who owns your bank, but the banking licence that's most important

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.

What about non-UK and EU banks?

Banks based outside the European Economic Area (EEA) that offer savings accounts in the UK can only do so through a UK subsidiary directly authorised by the Prudential Regulation Authority (PRA). Being directly authorised by the PRA 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.

Banks regulated in other European Economic Area (EEA) member states can operate in the UK with limited UK regulation.

This is called 'passporting' and means that the banks are regulated by their 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.

Are there any exceptions to these limits?

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:

  • Buying or selling a new property
  • Equity release funds from your main residence
  • Funds from an insurance policy
  • Compensation from a personal injury claim or death
  • State benefits for disability
  • Compensation received for unfair dismissal or wrongful conviction
  • Voluntary or compulsory redundancy
  • Marriage, civil partnership, divorce or dissolution of civil partnership
  • Retirement benefits received at retirement
  • Benefits paid on death
  • Inheritance
  • Monies received from a deceased’s estate held by a personal representative

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  
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 Direct Arbuthnot Latham & Co Limited UK  Arbuthnot Latham & Co Limited
Arbuthnot Latham Arbuthnot Latham & Co. Ltd UK Arbuthnot Direct
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
  • Birmingham Midshires
  • Halifax
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  
Birmingham Midshires  Bank of Scotland plc UK
  • Bank of Scotland
  • Halifax
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
  • Yorkshire BS
C Hoare & Co C Hoare & Co UK  
Chorley & District Building Society Chorley & District Building Society UK  
Citibank Citibank UK Limited UK  
Close 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
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
first direct HSBC UK Bank plc UK
  • HSBC
FirstSave FBN bank (UK) Ltd UK  
First Trust Bank (NI) AIB Group (UK) plc 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
  • Birmingham Midshires
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 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 Limited 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
 
Lloyds Bank Private Banking Lloyds Bank plc UK
  • Scottish Widows Bank
  • Lloyds Bank
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
  • Saga
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  
Monzo Bank Monzo Bank Limited 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  
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
  • 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

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
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 Goldman Sachs International Bank UK
  • Marcus by Goldman Sachs
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
  • Lloyds 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  
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 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 UK Limited UK  
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  
UBL 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 Clydesdale Bank plc UK
  • Yorkshire Bank
  • Clydesdale Bank

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
  • Virgin Money
Yorkshire Building Society Yorkshire Building Society UK
  • Chelsea 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.

bank notes being added to pink piggy bank

At a glance

  • All banks and building societies listed by Moneyfacts are signed up to a depositor protection scheme that would cover your money in the event the institution in question went bust.
  • This applies to foreign banks as well as UK-based entities.
  • Most UK savers will be covered under the UK scheme (the Financial Services Compensation Scheme), which covers up to £85,000 per person per banking licence.
  • Find out where your bank is licenced, and the level of protection you’ll receive accordingly, by reading this guide.

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