Depositor protection schemes | moneyfacts.co.uk

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 EU and offshore 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. This passport scheme will still cover EU banks until the end of the Brexit transition period on 31 December 2020. Additionally, offshore 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. 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.

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.  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.

 

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. The passporting scheme will end on 31 December 2020 when all banks operating in the UK must be authorised by the UK authorities.

EU and EEA deposit protection is unified under the terms of the Deposit Guarantee Schemes Directive. This means there is a Europe-wide maximum 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

 

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 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.

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. Until the end of the Brexit Transition period which goes up to 31 December 2020, passporting is still a valid way of doing banking business in the UK from the EU. After this, all banks must be authorised in the UK to operate here, and so will be covered by the FSCS.

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

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 has not been identified by the bank or building society under the money laundering regulations.

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® Money

Adam and Company

Royal Bank of Scotland

UK

Royal Bank of Scotland

AgriBank

AgriBank PLC

Malta

 

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

 

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 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

Barclays Bank

Barclays Bank UK plc

UK

 

Barclays Bank (Offshore Banking)

Barclays Bank plc

Gibraltar 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

 

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

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

 

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 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
 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

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

 

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 plc

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

 Moneybox

Ipswich Building Society

Ipswich Building Society

UK

 

Isle of Man Bank

The Royal Bank of Scotland International

Isle of Man

NatWest International

J

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

 

K

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
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

Cheltenham & Gloucester

Lloyds Bank International

 Lloyds Bank Capital Markets plc

Gibraltar
Guernsey
Isle of Man
Jersey

 

Lloyds Bank Private Banking

Lloyds Bank plc

UK

Scottish Widows Bank

Lloyds Bank

Cheltenham & Gloucester

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  
The Melton Building Society The Melton Mowbray Building Society UK  
Metro Bank Plc Metro Bank Plc UK  
Moneybox N/A UK

Investec Bank for Notice Savings

OakNorth Bank Ltd for lifetime ISAs

Moneycorp Bank Moneycorp Bank Ltd Gibraltar  
Monmouthshire Building Society Monmouthshire Building Society UK  
Monzo Bank Monzo Bank Limited UK  

My Community Bank

Brent Shrine Credit Union

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

The Royal Bank of Scotland International plc

Gibraltar
Guernsey
Isle of Man
Jersey

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

O

Name

Banking Licence

Protection Scheme

Brands under the same licence

OakNorth Bank

OakNorth Bank PLC

UK

Moneybox

Oxbury Bank

Oxbury 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

UK

 
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  

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  

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

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 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

 

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
UBL UK  United National Bank Limited uk  
Ulster Bank Ulster Bank Limited UK  
Union Bank of India Union Bank of India (UK) Ltd UK  
United Trust Bank UK United Trust Bank Limited UK  
Unity Trust Bank Unity Trust Bank plc 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 Brom Building Society West Brom 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

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  
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.

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 EU and offshore 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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