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.
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?