What is FSCS protection?
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In short: FSCS deposit protection covers up to £120,000 per eligible person, per authorised bank, building society or credit union, from 1 December 2025. Brands sharing one banking licence share that limit. A joint account with two eligible holders can have up to £240,000 protection.
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FSCS pays compensation when a covered firm fails and cannot return eligible deposits. The standard deposit limit rose to £120,000 on 1 December 2025. Cash in current accounts, savings accounts and Cash ISAs under the same banking licence counts together.
The limit follows the authorised firm, not simply the name of its corporate group. Brands sharing a banking licence share one limit. Joint balances are allocated to each holder and count alongside their personal deposits at that firm, so opening a joint account does not create an extra allowance for money already covered.
Qualifying temporary high balances, such as some home-sale proceeds or inheritances, can have protection up to £1.4 million for six months. Evidence and conditions apply. Investments, pensions, insurance and APP scam reimbursements have separate rules; the £120,000 deposit limit must not be applied to them.
Part of our Banking & current accounts
This quick answer sits inside our wider banking & current accounts hub — with sub-guides, calculators and step-by-step explainers on the same topic.
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