FSCS protection: how your savings are protected

How FSCS protects UK savings up to £120,000 per person, per banking licence: shared licences, joint accounts, temporary high balances, NS&I and platforms.

Sunny under an umbrella

Last checked: 14 October 2026. We check this guide regularly against official sources.

ClearRates also has a shorter guide, Is my money safe?. Both are published for now.

Before you chase the next sunny spell in savings rates, it’s worth knowing what happens if a bank goes bust. This guide explains the Financial Services Compensation Scheme (FSCS), the current limit, and the details that catch people out.

This is general information, not financial advice.

The limit: £120,000 per person, per authorised firm

If a UK-authorised bank, building society or credit union fails, the FSCS can pay you compensation of up to £120,000 per eligible person, per authorised firm. The limit rose from £85,000 to £120,000 on 1 December 2025.

The limit covers deposits, which means money in current accounts, savings accounts, fixed-term accounts and cash ISAs. Your provider must be authorised by the Prudential Regulation Authority (PRA). You don’t need to claim: the FSCS says it pays automatically, normally within seven working days of a firm failing.

The £120,000 is a total for each firm, not for each account. If you hold three accounts with one bank, the limit applies to all three added together.

Sunny holding a sign that reads £120,000, the FSCS deposit limit per person, per authorised firm.

£120,000

FSCS deposit limit per person, per authorised firm, from 1 December 2025.

Why brands that share a licence share the limit

Many banks trade under more than one name. Where brands share one banking licence (one authorisation), the FSCS treats them as one bank, so you get one £120,000 limit across all of them.

Some examples from official sources:

  • first direct is a division of HSBC UK Bank plc. first direct says your deposits across HSBC UK, HSBC Private Bank, first direct and M&S Bank share one limit.
  • Nationwide also trades as Derbyshire, Cheshire and Dunfermline building societies, according to the FSCS, and they all share one licence.
  • Same group doesn’t always mean same licence. Halifax is a division of Bank of Scotland plc (registration number 169628). Lloyds Bank plc has a separate firm reference number (119728), even though both are part of Lloyds Banking Group.

The way to check is the FCA’s Financial Services Register, or the FSCS’s online protection checker. Both list the trading names under each authorised firm.

Joint accounts

Joint accounts are protected up to £120,000 for each eligible account holder, so a two-person joint account is protected up to £240,000.

But your share of a joint account is added to anything you hold on your own with the same firm, or with brands that share its licence. The limit applies to the total.

Temporary high balances

Sometimes a life event leaves you with much more money than usual for a while. The FSCS can protect qualifying temporary high balances up to £1.4 million for six months. Qualifying events include:

  • selling or buying your main home, or releasing equity from it (second homes and buy-to-lets don’t count)
  • an inheritance
  • insurance payouts and retirement benefits
  • redundancy pay, divorce settlements and some compensation payments

Compensation for personal injury, and disability or incapacity benefits, can have unlimited protection.

The six months run from when the money first becomes legally yours or is first credited to your account. Moving it to another account doesn’t restart the clock. Protection is per person, per event. You’d need to send evidence if you ever made a claim, and the FSCS aims to pay these claims within three months.

NS&I: backed by HM Treasury

NS&I, including Premium Bonds, is backed by HM Treasury — 100%, no limit. The short page is FSCS at a glance. Premium Bonds are explained in Premium Bonds.

Savings platforms

Savings platforms (also called cash platforms, savings marketplaces or deposit aggregators) let you open accounts with several banks from one login. The platform itself isn’t a bank, and the FSCS doesn’t protect the platform.

The FSCS says that if a platform places your money with a regulated bank that fails, it’s likely to be protected, with the same limits as if you’d opened the account directly. Two points to check:

  • Money you hold with a bank through a platform counts towards the same £120,000 as money you hold with that bank directly.
  • Some platforms hold your money on trust. Under some trust arrangements, the FCA has warned, FSCS payments can take longer than the usual seven days.

E-money and payment firms are not covered by FSCS deposit protection, so check what kind of firm you’re dealing with. If an account isn’t protected by the FSCS, the provider should tell you what protection, if any, applies.

How ClearRates shows protection

Every account card on ClearRates shows:

  • the deposit-taker’s legal name. This is the firm that holds your money, which may not be the brand on the website. For example, a first direct card names HSBC UK Bank plc.
  • where it’s regulated and its protection scheme, for example “UK FSCS” or “HM Treasury (NS&I)”.
  • a shared-licence note when other brands on ClearRates use the same licence, so you can see which accounts count towards one limit.

We take these details from the provider’s own pages and check them against the FCA register before a card goes live. Always confirm them with the provider before you deposit large sums.

Suggested internal links: Easy access rates (/savings/easy-access) · Fixed rate bonds (/savings/fixed) · Cash ISA rates (/isa) · Premium Bonds explained (/guides/premium-bonds-explained) · What should I do with my savings? (/what-should-i-do-with-my-savings) · How we make money (/guides/how-clearrates-makes-money) · Guide: easy access vs notice vs fixed (/guides/easy-access-notice-fixed)

Last reviewed 14 Oct 2026. Check the limit on the FSCS website before relying on it.

Sources (all accessed 14 Oct 2026)

Questions

What is the FSCS limit for savings?

£120,000 per eligible person, per authorised bank, building society or credit union. This has applied since 1 December 2025.

Are cash ISAs covered?

Yes. Cash ISAs with UK-authorised banks and building societies are deposits, so they count towards the same £120,000 limit as your other money with that firm.

Do two banks in the same group share one limit?

Only if they share a banking licence. Some groups run several licences. Check the FCA register or the FSCS protection checker.

How much is protected in a joint account?

Up to £120,000 for each eligible holder, so £240,000 for two people. Each person's share is added to anything else they hold with that firm.

Is money with NS&I protected?

Yes. NS&I is backed by HM Treasury, which guarantees 100% of the money held with it, with no limit.

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