Q&As about Deposits

What happens if I am a member of a credit union that fails?

How long will it take to process my claim?

If I have more than £85,000 in an account, does that mean I will lose money?

What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

I have my money in a joint account in a High Street bank. How would FSCS pay compensation if the bank failed?

What happens if I owe money to a bank, building society or credit union that fails?

Will you compensate me for any interest I have earned on my account?

Are offshore deposits covered?

Does the Scheme cover deposits made in different currencies?

Are deposits held by nominee companies covered?

Do you cover deposits made through solicitors and other professionals?

Is a business covered if the bank or building society it holds money with fails?

How are offset mortgages dealt with?


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 Financial Ombudsman Service is the official independent expert in settling complaints between consumers and financial businesses

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • Deposit-taker

    an organisation which accepts deposits, for example a bank or building society.
  • EEA

    European Economic Area.
  • Eligible

    qualifying for compensation under Scheme rules.