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How safe is my money?

Uncertain times can mean you worry more about your money. Knowing your money is safe is important and can give you confidence, even when times are tough.

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 £85,000 per person, per institution. Joint accounts have protection up to £170,000.

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?

You’ll be covered up to the maximum of £85,000 for the sum of your accounts at the same bank or building society.

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?

You may be able to claim compensation with the FSCS if the provider of your stocks & shares ISA goes bust. 

The level of protection and the amount of compensation on investment products can vary. Some investment products aren’t protected at all. 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. Please note, more complex cases may take longer.