Deposits made by private individuals and small businesses to any authorised firms are protected by the FSCS. These can be referred to as "retail deposits". Slightly different limits and rules apply if you have a claim against a deposit firm that was declared in default before the FSCS became operational (1 December 2001). Please contact us for more details.
From 31 December 2010, the deposit compensation limit is £85,000*.
Depositors may still receive a share of their savings above this limit following any distribution of assets as part of the insolvency process for a failed bank. This would be a matter for the insolvency practitioner to determine and any recovery would, by necessity, vary according to the circumstances of the specific failure. The FSCS will make the majority of compensation payments in sterling.
If you think that you have a claim but have not heard from us, or if you are worried about what is happening with your claim, please contact us.
More about Credit Union Compensation Limits
The maximum level of compensation for credit union claims is £85,000 per person per firm (for claims against firms declared in default from 31 December 2010).
* For claims against firms declared in default between 30 June 2009 to 30 December 2010, the deposit compensation limit is the higher of £50,000 or €50,000.* In the event of default, the Euro amount will be calculated by reference to the currency exchange rate on the day of default.
For claims against firms declared in default between 7 October 2008 and 29 June 2009, the maximum level of compensation is £50,000 (100% of the first £50,000).
For claims against firms declared in default between 1 October 2007 and 6 October 2008, the maximum level of compensation is £35,000 (100% of the first £35,000).
For claims against firms declared in default before 1 October 2007, the maximum level of compensation is £31,700 (100% of the first £2,000 and 90% of the next £33,000).