FSCS Deposit Protection
All of the savings accounts on our marketplace are protected by a deposit guarantee scheme (DGS), with all UK-authorised partner banks and building societies being protected by the Financial Services Compensation Scheme (FSCS).
Financial Services Compensation Scheme (FSCS)
The FSCS is a deposit guarantee scheme that protects your money—up to set limits—held with a UK-authorised bank or building society. If the institution fails, the FSCS will pay compensation to eligible customers.
FSCS Limits
Under the FSCS, if your bank or building society fails or is unable to meet its financial obligations, you may be eligible for compensation of up to £85,000 per person, per banking group, for protected deposits.
Making a claim
You don't need to do anything. The FSCS will compensate you automatically.
'FSCS Protected' badge
To quickly check whether a PRA-authorised bank or building society is protected by the FSCS, look for the ‘FSCS Protected’ badge in our marketplace. All UK-authorised banks and building societies featured there are covered by the scheme.
What is the FSCS?
The FSCS stands for the Financial Services Compensation Scheme. It is the UK's statutory compensation scheme for customers of authorised financial services firms.
It is an independent body created by the British government and funded by the financial services industry, to protect customers in the event that a financial services firm fails and can’t meet its financial obligations.
What does the FSCS do?
The FSCS covers deposits made by individuals into savings accounts up to £85,000 per person, per bank—or up to £170,000 for joint accounts—provided the financial institution is regulated by the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), or both.
If your bank or building society collapses and is unable to meet its financial obligations, the FSCS will compensate eligible customers up to the protected limit.
Compensation Limits:
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£85,000 per person, per authorised institution.
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For joint accounts, the total protection is £170,000 (i.e. £85,000 per account holder).
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If your money is held across different brands that operate under the same banking license, the limit applies to the total combined balance across those brands.
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The UK regulators, the FCA and the PRA, set the financial compensation limits and compensation rules.
How do I make a claim with the FSCS?
If the bank or building society you hold your savings account with fails and you're entitled to compensation, the FSCS will automatically reimburse your eligible funds—up to the compensation limit—without the need to apply.
You can check your eligibility on the FSCS website, by completing a simple form with details about your provider and the product. The website will quickly let you know whether you're eligible to make a claim.
What if my bank isn't a UK-authorised bank?
All banks on our platform are covered by a Deposit Guarantee Scheme (DGS). Below is a comparison of the DGS coverage for applicable countries:
| Country | Scheme Name | Limit (as of 2025) |
 UK |
FSCS | £85,000 per person, per authorised institution |
|
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National DGS (EU-mandated) |
€100,000 per depositor, per bank |
The content above is for general informational and educational purposes only and does not and is not intended to constitute professional financial advice. We do not accept responsibility or legal liability to any person who relies on this information.