Banks & building societies

If you have an account with a bank or building society that fails, FSCS or the liquidator will contact you with next steps.

We may also be able to help if you have an account with a UK branch of a bank incorporated in another European Economic Area state.

If you have multiple accounts with banks or building societies that are part of a larger group, the amount of compensation you can claim depends on how the Prudential Regulation Authority (PRA) authorises the firm:

  • If the banks/building societies are separately authorised: £85,000 per person per firm.
  • If the banks/building societies are covered by the parent company’s authorisation: one payment of £85,000, which covers all the accounts you hold with the different firms.

For example, if you have a current account with Bank X and savings with Bank Y and they share one firm reference number or authorisation number, they are classed as a single firm for the purposes of compensation. This means that your limit for compensation is £85,000 in total, shared across Bank X and Bank Y. 

Banks & building societies

Banks, building societies & credit unions

If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you.

  • £85,000 per eligible person, per bank, building society or credit union.
  • £170,000 for joint accounts.

We protect certain qualifying temporary high balances up to £1 million for up to six months from when the amount was first deposited.

You don’t need to do anything – FSCS will compensate you automatically.

How long will a claim against a failed bank or building society take?

7 days

FSCS will aim to pay compensation in the majority of cases within 7 days of a bank or building society failing. Any remaining claims, which are likely to be more complex, will be paid within 15 working days.