How safe is my money?
Eligible deposits held with UK-authorised banks, building societies and credit unions are protected by the Financial Services Compensation Scheme, subject to FSCS eligibility rules.
Most personal and business current accounts, savings accounts and cash ISAs are eligible deposits. Certain products may not qualify for FSCS protection.
What is the Financial Services Compensation Scheme?
All banks and building societies authorised by the Prudential Regulation Authority are covered by the Financial Services Compensation Scheme (FSCS). It’s an independent service that protects your money if your financial service provider goes bust. In the unlikely event this happens, you’ll be repaid by a Deposit Guarantee Scheme.
The FSCS guarantees your money up to £120,000 per person, per institution. Joint accounts have protection up to £240,000.
You can find out if your bank or building society is covered by checking the Financial Services Register.
What happens if my bank goes bust?
If a UK authorised bank, building society or credit union fails, your eligible savings are protected by the Financial Services Compensation Scheme (FSCS).
The FSCS can compensate you for up to £120,000 per eligible person, per authorised firm. This means you may be able to claim compensation if your bank or building society is unable to return your money.
For joint accounts, each account holder is protected up to £120,000, giving a combined protection of up to £240,000.
You can find out if your bank or building society is covered by checking the Financial Services Register.
What if I have more than one account at the same bank?
If you have more than one account with the same bank or building society, the FSCS protection limit applies to the combined balances across your accounts. You’re covered up to £120,000 per person, per authorised firm. So, if you have £80,000 in one account and £50,000 in another with the same authorised firm, only £120,000 would be covered in total. The remaining £10,000 would not be covered.
Different banking brands may also share the same banking authorisation. If you have money in accounts at more than one bank or building society, the FSCS has a protection checker you can use to see what’s covered.
Are stocks & shares ISAs covered by the FSCS?
FSCS protection for Stocks & Shares ISAs differs from the protection available for savings accounts. Protection may apply if an authorised investment firm fails and is unable to return your money or investments. It does not protect against losses caused by market movements or poor investment performance.
You can check if your investment is protected on the FSCS investments protection checker.
How long will a claim against a failed bank, or building society, take?
If a bank or building society fails, the FSCS aims to pay compensation within 7 days. For straightforward claims, compensation may be paid automatically, so you may not need to make a claim yourself.
More complex claims can take longer to process, particularly where the FSCS needs additional information to confirm your eligibility or the amount you're entitled to. You can find out more about how FSCS compensation works on the FSCS website.
This article was last updated: 19/10/2026, 04:24
