Banks and building societies
If you have an account with a bank or building society that becomes insolvent you will be contacted by the liquidator or by the FSCS.
What is the position for people who have multiple accounts with banks or building societies that are subsidiaries of another bank or building society?
We have received some enquiries about how we would apply the compensation limits to people who hold multiple accounts in banks that are part of a larger group. If each of the banks is separately authorised by the Prudential Regulation Authority (PRA):
- The FSCS would pay compensation up to the limit of £85,000* per person, per authorised bank or building society.
If each of the banks is covered by a single authorisation:
- FSCS would pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation.
* From 3 July 2015, the FSCS will provide a £1 million protection limit for temporary high balances held with your bank, building society or credit union if it fails. Read our Q&As about temporary high balances for more information.
All deposit claims of UK customers will be paid out in UK Pounds Sterling.
How do you find out if you are covered?
We cover firms authorised by the PRA. We have provided additional information about FSCS coverage for some of the larger banks and building societies on this page (see the list of banks and building societies on the left). A full list of the banks and building societies authorised by the PRA can be found on the PRA's website. If a UK bank is not on this list, it is likely to fall under a group authorisation. If you have a question about how a bank or building society is authorised, please check the list on the PRA's website or contact the PRA on 020 7601 4878.
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 (EEA) state.
You might also find our questions and answers section helpful.
Claims before 1 December 2001
Slightly different rules apply if you have a claim against a deposit-taking firm that was insolvent or declared in default before the FSCS became operational (1 December 2001). The claim is covered by the rules governing the Deposit Protection Scheme, which existed before that date, although we will handle your claim. Compensation limits and eligibility may differ.
The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).
The answers to our the most frequently asked questions regarding Credit Unions, Banks, and Building Societies.
a financial co-operative which is owned and controlled by its members.
European Economic Area.
A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.