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.
