Q&As about temporary high balances

What is classed as a temporary high balance?

Is there a time limitation on holding proceeds that are categorised as a temporary high balance?

Is there a limit to the amount of compensation FSCS can pay for temporary high balance claims?

How do I know if my temporary high balance is protected?

How do I make a claim for a temporary high balance?

Why is FSCS now covering temporary high balances when they didn’t previously?

What evidence of a temporary high balance do I need to provide to FSCS?

Will FSCS automatically contact me if I am eligible for a temporary high balance claim?

Usually compensation for deposits is paid within seven days. Within what timeframe will I receive my compensation payment for a temporary high balance?

Jargon Buster

  • Deposits

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

    Deposit Guarantee Schemes Directive

  • Eligible

    qualifying for compensation under Scheme rules.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry.