Is my money safe?

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

If a UK-authorised bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) can pay compensation automatically. You do not have to apply for an ordinary deposit.

The figures below were checked on 14 October 2026 against the FSCS pages Banks, building societies and credit unions and Deposit protection limit. Use the FSCS protection checker for a firm you actually use. This guide is information, not a guarantee that a particular account is covered.

There is a longer guide, FSCS protection: how your savings are protected, covering shared licences, platforms and NS&I in more detail. Both guides stay up while we decide which one to keep.

The limit is £120,000

On 1 December 2025 the deposit limit rose to £120,000 per eligible person, per authorised firm. From 30 January 2017 until 30 November 2025 the limit was £85,000.

The limit covers the total of your deposits at that firm: current accounts, easy access, notice and fixed-term deposits. It is not £120,000 per account.

FSCS aims to pay ordinary deposit claims within seven working days. Temporary high balances and more complex cases take longer.

£120,000

Shared banking licences

This is the part people miss. If several brands are part of the same authorised firm, the FSCS treats them as one bank. Your £120,000 covers the total across all of them. Halifax is a division of Bank of Scotland plc. Lloyds Bank plc is a separate firm, even though both sit in Lloyds Banking Group. The longer account is FSCS protection, and the short numbers are on FSCS at a glance.

ClearRates stores an FSCS licence group on each provider. The compare page warns you when two selected accounts share a group. There is also a filter, “One account per FSCS licence”, which keeps only the highest rate in each group inside the current results. The UK deposit limit used here is £120,000 per person, per authorised firm.

Joint accounts are covered up to £120,000 per eligible person. If you also hold a sole account with the same firm, the limit applies across the sole account and your share of the joint account, not twice.

A limited company is a separate person from you, so a company account can have its own claim. A sole trader does not get a second claim for the business name. Partnership rules differ again. The FSCS pages are the place to check a business account.

Temporary high balances

Some large balances from a life event, such as selling a home or receiving an inheritance, can be protected up to £1.4 million for six months from the date the money was first deposited. That higher cover is not automatic in the sense that you may need to show where the money came from. It is not a reason to leave a large balance unprotected after the six months.

What is not the UK FSCS

Some savings platforms place money with banks in other countries. Those deposits can sit under a foreign deposit guarantee scheme, with a different limit and a different process. ClearRates marks those rows “Not FSCS”. A high rate on a non-UK scheme is still sorted by rate, because fees and protection do not change the order, but the protection flag is on the row. Do not treat “Not FSCS” as a minor label.

NS&I, including Premium Bonds, is backed by HM Treasury — 100%, no limit. Premium Bonds do not pay a guaranteed AER. The prize fund rate is an average. See Premium Bonds.

Gilts are loans to the UK government. Holding one to maturity returns the capital at par, but the price moves in the meantime and you can get back less than you paid if you sell early. The coupon is taxable as income. The gain to redemption is free of capital gains tax. None of that is deposit protection, and this site will not offer a buy button or a broker link for a gilt.

How to use the tables

1. Read the FSCS line on the account, not only the rate.
2. If you already hold money with that banking group, add the balances together before you compare them with £120,000.
3. Use the FSCS checker for the firm named on the account.
4. Report a wrong protection flag with the button on the account page.

Questions

What is the FSCS deposit limit?

From 1 December 2025 the FSCS protects eligible deposits up to £120,000 per person, per UK-authorised bank, building society or credit union. The previous limit, from 30 January 2017 to 30 November 2025, was £85,000.

Do accounts at the same banking group each get £120,000?

No. If the brands share one banking licence, FSCS treats them as one firm. The £120,000 limit applies to the total you hold across those brands.

Are gilts covered by the FSCS deposit limit?

No. The deposit limit covers deposits at UK-authorised banks, building societies and credit unions. Gilts are UK government bonds. Their price can fall if you sell before maturity. ClearRates shows gilt data only, with no buy button.