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.
You don’t need to do anything – FSCS will compensate you automatically.
How long will the claim process take?