Depositor protection schemes

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.

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

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.

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.  

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.

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.

• Bank of Ireland
• Post Office

• Royal Bank of Scotland

• Allied Irish Bank (GB) Savings Direct
• First Trust Bank (NI)

• Post Office ®
• AA Financial Services

• Birmingham Midshires
• Halifax

• Bank of Scotland
• Halifax

• The Co-operative Bank
• Smile

• Yorkshire BS

• Yorkshire Bank
• From October 2019 Virgin Money

• Britannia
• Smile

• Stroud & Swindon BS

• National Counties Building Society

• HSBC

• Allied Irish Bank (GB)
• Allied Irish Bank (GB) Savings Direct

• Bank of Scotland
• Birmingham Midshires

• first direct

• Scottish Widows Bank
• Lloyds Bank Private Banking

• Scottish Widows Bank
• Lloyds Bank

• Saga

• Family Building Society

• Bank of Ireland UK

• Adam & Company

• Marcus by Goldman Sachs

• Lloyds Bank
• Lloyds Bank Private Banking

Chetwood Financial Limited

• Britannia
• The Co-operative Bank

Vernon Building Society

• From October 2019 Yorkshire Bank and Clydesdale Bank

• Clydesdale Bank plc
• From October 2019 Virgin Money

• Chelsea BS