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FSCS limits

Do you know if your savings are protected? Find out how FSCS limits work, including how they protect your savings, how much money is protected in a bank and which banks the FSCS covers.

FSCS limitsFSCS limitsFSCS limits

Protection for your savings

At Raisin UK, we only partner with regulated banks that offer deposit protection through the UK Financial Services Compensation Scheme (FSCS), or, if a bank is regulated in a European country, through the European Deposit Guarantee Scheme (DGS). Under these bank compensation schemes, savings accounts from our partner banks that you open at are guaranteed protection up to a certain amount.

How does the FSCS work?

The FSCS provides assurance that your savings are safe by guaranteeing your money up to £85,000 per person, per banking group, or up to £170,000 for a joint account.

In the event that your bank fails, the FSCS will protect your savings up to the bank deposit protection limit. The FSCS also covers investments, credit unions, home finance and insurance.

What are the FSCS compensation limits?

If your financial provider fails, the FSCS will compensate deposits of up to £85,000 per person, per banking group. For joint accounts, the FSCS protection limit will double to £170,000.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are the regulators responsible for setting the FSCS limits in the UK. Deposit protection from the FSCS includes regulated UK banks, building societies and other financial institutions.

Am I eligible for the FSCS?

A simple way to remember who is covered by the FSCS is that individual savers with £85,000 or less in savings are covered. Most UK savers are eligible for FSCS deposit protection as the number of people with more than £85,000 in one savings account is low. If you have over £85,000 in savings, you might want to consider spreading your money across different banking groups, so more of your money is protected. You could also consider opening a joint account to increase your bank protection limit to £170,000.

You need to meet certain criteria to claim compensation from the FSCS. These criteria are also set by the FCA and PRA, and are as follows:

  • The financial service provider must have failed and been unable to return your money
  • The financial service provider you are making a claim against must have been authorised by the FCA and PRA when you opened your account
  • The financial service provider must have lost your money
  • You can only claim your own, personal money

Additionally, some businesses and charities may be eligible to claim in some circumstances.

How do I make a claim with the FSCS?

Making a claim is pretty simple and can be done through the FSCS website.

  1. Check you are eligible to claim.
    You will need to complete a basic form about the nature of your claim, your provider, and whether it’s covered by the FSCS. The FSCS will quickly give you results that tell you whether you’re eligible to make a claim or not.
  2. Gather all necessary documents.
    You’ll need the following:
    – Two forms of identification
    – Products and advice documents for the account you are claiming against
    – Your bank account details for the compensation payment once it’s approved
  3. Create an online account.
    You’ll use this account to submit your claim and check its progress.
  4. Complete your claim application.
    You’ll be asked why you are making the compensation claim and will need to upload copies of your supporting documents.
  5. Monitor the progress of your claim.
    You’ll receive an email confirmation confirming your claim has been received, and you can track its progress.

Where can I view a list of banks covered by FSCS?

You can find a list of Financial Services Compensation Scheme banks on the FSCS website. Financial institutions that are covered by the FSCS include regulated UK banks, building societies and credit unions.

If you have any questions, our UK-based Customer Service Team will be happy to help you.

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