FSCS at a glance

Last checked 14 Oct 2026, against the FSCS site. A short companion to the longer protection guides. Information, not financial advice.

Use this page for the headline numbers. The longer pages areFSCS protection andIs my money safe?.

The number to remember

If a UK-authorised bank, building society or credit union fails, the Financial Services Compensation Scheme can pay up to£120,000 per eligible person, per authorised firm.

Sunny holding a sign that reads £120,000, the FSCS deposit limit per person, per authorised firm. — FSCS deposit limit per eligible person, per authorised firm, from 1 December 2025.

That limit has applied since 1 December 2025. It covers deposits: current accounts, savings, fixed-term accounts and cash ISAs with PRA-authorised firms. The FSCS says it pays ordinary deposits automatically, usually within seven working days of a firm failing.

The £120,000 is a total for each firm, not for each account. Three accounts with one bank still share one limit.

Shared licences

first direct is a division of HSBC UK Bank plc. Deposits across the brands on that licence share one limit.
Nationwide also trades as other society names that share its licence.
The same group is not always the same licence. Halifax is a division of Bank of Scotland plc. Lloyds Bank plc is a separate firm, even though both sit in Lloyds Banking Group.

Check the legal name on the account, not only the brand. The FSCS protection checker is the official place to confirm a firm.

Joint accounts

A two-person joint account can be protected up to £240,000 (£120,000 for each eligible holder). Each person’s share still counts toward anything else they hold with the same firm.

NS&I

NS&I, including Premium Bonds, is Backed by HM Treasury — 100%, no limit. The Premium Bonds holding limit is still £50,000 per person. The prize fund rate is an average. It is not a guaranteed AER. See Premium Bonds.

Platforms and a temporary high balance

Savings platforms are not banks. If they place your money with a regulated bank, FSCS protection usually follows that bank, and it counts toward the same £120,000 as money you hold with that bank directly. Some cards say the money is held across a panel of banks. E-money and payment firms are outside FSCS deposit protection.

Some life-event balances can be protected up to £1.4 million for six months. The rules, the evidence, and the source list are in FSCS protection.

Questions

When did the FSCS savings limit become £120,000?

1 December 2025. Before that, from 30 January 2017, the limit was £85,000.

Do two accounts with the same bank get two limits?

No. The limit is per person, per authorised firm. Accounts with one firm share one limit.

Is NS&I covered by the FSCS limit?

Backed by HM Treasury — 100%, no limit. That includes Premium Bonds. The Premium Bonds holding limit is still £50,000 per person.