Q&As about Deposits


  1. What happens if I am a member of a credit union that fails?
  2. How long will it take to process my claim?
  3. If I have more than £75,000 in an account, does that mean I will lose money?
  4. What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?
  5. I have my money in a joint account in a High Street bank. How would FSCS pay compensation if the bank failed?
  6. What happens if I owe money to a bank, building society or credit union that fails?
  7. Will you compensate me for any interest I have earned on my account?
  8. Are offshore deposits covered?
  9. Does the Scheme cover deposits made in different currencies?
  10. Are deposits held by nominee companies covered?
  11. Do you cover deposits made through solicitors and other professionals?
  12. Is a business covered if the bank or building society it holds money with fails?
  13. Are pre-paid cards covered by the FSCS?
  14. How much am I covered for if I hold a Cash ISA/NISA?
  15. How much am I covered for if I hold cash in a Stocks and Shares ISA/NISA?
  16. How will FSCS calculate how much compensation I am entitled to?
  17. What should I do if I disagree with the amount of compensation FSCS has paid me and I have not banked the cheque or received cash over the counter at the Post Office?
  18. I do not have another bank account. What should I do with my compensation cheque?
  19. Can FSCS make a compensation payment directly to my account with another bank?
  20. My child has a savings account with a bank, building society or credit union. What will happen to his/her savings?
  21. I make regular savings to my account each month by standing order. Should I cancel the standing order now?
  22. I had a loan with the deposit taker. Will I have to repay it and should I cancel the standing order?
  23. Do I need to notify FSCS if I have recently changed address?
  24. Do I need to notify FSCS if I have recently changed my name?
  25. I am the executor of a depositor who has recently died. Do I need to contact FSCS?

What happens if I am a member of a credit union that fails?

How long will it take to process my claim?

If I have more than £75,000 in an account, does that mean I will lose money?

What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

I have my money in a joint account in a High Street bank. How would FSCS pay compensation if the bank failed?

What happens if I owe money to a bank, building society or credit union that fails?

Will you compensate me for any interest I have earned on my account?

Are offshore deposits covered?

Does the Scheme cover deposits made in different currencies?

Are deposits held by nominee companies covered?

Do you cover deposits made through solicitors and other professionals?

Is a business covered if the bank or building society it holds money with fails?

Are pre-paid cards covered by the FSCS?

How much am I covered for if I hold a Cash ISA/NISA?

How much am I covered for if I hold cash in a Stocks and Shares ISA/NISA?

How will FSCS calculate how much compensation I am entitled to?

What should I do if I disagree with the amount of compensation FSCS has paid me and I have not banked the cheque or received cash over the counter at the Post Office?

I do not have another bank account. What should I do with my compensation cheque?

Can FSCS make a compensation payment directly to my account with another bank?

My child has a savings account with a bank, building society or credit union. What will happen to his/her savings?

I make regular savings to my account each month by standing order. Should I cancel the standing order now?

I had a loan with the deposit taker. Will I have to repay it and should I cancel the standing order?

Do I need to notify FSCS if I have recently changed address?

Do I need to notify FSCS if I have recently changed my name?

I am the executor of a depositor who has recently died. Do I need to contact FSCS?

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • Deposit-taker

    an organisation which accepts deposits, for example a bank or building society.
  • EEA

    European Economic Area.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.