Banks & building societies

If your bank or building society fails and can’t pay back your money, FSCS can automatically pay you compensation. Your bank or building society must be authorised by the Prudential Regulation Authority - check this on the Financial Services Register.

Where you hold your money could affect how much compensation you’re entitled to. If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank. This means that our compensation limit applies to the total amount you hold across all these accounts, not to each separate account.

For our compensation limit to apply to each individual account, you’d need to hold money with different banks that don’t share a licence. You can search the financial services register on the Financial Conduct Authority’s website to see which banks share a licence or download this list of banks that share a license (pdf 0.3MB) from the Bank of England.

You can easily see how much of your money is protected by using our protection checker. Click the button to get started.

 

I’ve got a small business account and a personal account with the same bank - are both accounts covered up to £85,000?

If your business is a separate legal entity, e.g., a limited company or LLP, you could claim up to £85,000 for each account. If you’re a sole trader (e.g., Mr Smith t/a Smith Motors) you wouldn’t be entitled to two separate claims – you could claim up to £85,000 in total.

Although joint account holders are usually entitled to make separate deposit claims for £85,000 each, if the joint account holders hold the account as partners in a business, then the business partnership is only entitled to a single claim of £85,000 (not one claim per business partner).

See our small businesses, limited companies and charities page for more information.

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.

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

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

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

You can easily see how much of your money is protected by using our protection checker

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

7 days

FSCS aims to pay compensation within seven days of a bank or building society failing. More complex cases will take longer.


I used a savings marketplace/cash platform to deposit my money in multiple accounts with different banks. How long will my claim take?