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 compensation limits


£85,000 per person, per authorised bank or building society. £170,000 for joint accounts.
£1 million for certain life events up to six months from when the amount was first deposited. Unlimited for personal injury claims.

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 20 working days.