Shawbrook Bank

FSCS protects deposits up to £85,000 per person

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About Shawbrook Bank

Specialising in providing the UK with savings and lending products, Shawbrook Bank was founded in 2011 and as of the end of 2017 they have raised over £4.4 billion in customer deposits. Eligible deposits with Shawbrook Bank Limited in the UK are protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000.

Bank details

Year established:	2011
Number of customers:	270000

Security and deposit guarantee

The United Kingdom of Great Britain and Northern Ireland is the largest island state in Europe and is one of the most populous nations in the European Union with around 64 million people. The national currency is the British Pound (GBP). The United Kingdom has one of the strongest privatized economies in the world, evidenced by the fact that it has the third largest Gross Domestic Product in Europe – and the sixth largest globally. The UK is one of the few states with the highest rating (AAA), as assessed by the credit rating agency Standard & Poor’s, amongst others. London, Britain’s capital city and metropolitan area, has been the world’s top financial center for decades.

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.

Your deposit will be administered by Meteor Asset Management Limited (MAM) and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our MAM Terms and Conditions http://www.raisin.co.uk/terms-and-conditions/

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

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The FSCS is a UK Government-backed policy that covers deposits in savings accounts up to £85,000, or £170,000 if you have a joint account, and investments up to £50,000 per person, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It’s available for deposits with most UK high-street and online banks and means if the bank fails and deposits become unavailable, then the scheme will cover your savings account deposit up to the £85,000 per person per banking group limit.

The FSCS will pay compensation up to the limit of £85,000 per person, per authorised institution/banking group. However, if each of the banks is covered by a single authorisation within a group, the FSCS will only pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation, irrespective of how many different institutions a person holds accounts with.

Raisin UK will always let you know which products are within the same banking group, so you can make informed decisions as to which products are right for you.