Here’s how to work out what protection you have if something goes wrong…

Is your account UK-regulated?

If you have your savings with a UK bank or building society it will be registered with the City regulator, the Financial Conduct Authority (FCA).

This means you will have protection from the Financial Services Compensation Scheme (FSCS) in the unlikely event that it goes bust.

This scheme pays out up to £85,000 per person, or £170,000 for joint accounts, per financial institution, if your bank or building society fails.

This protection limit was increased at the start of 2011 to bring it in line with the rest of Europe, where savers receive €100,000 of protection.

Foreign-owned banks

If your bank is foreign-owned, but offers products to British savers, the chances are it will also be registered with the FCA.

Check your bank’s website to confirm this, and if you’re still not sure, give them a call or check on the FCA's website.

Some providers that operate here in the UK aren't registered with the FCA. Instead, you'll be protected by the compensation scheme that operates in their country of origin.

For example, if you have a savings account with Triodos Bank, you're protected by the Dutch compensation scheme up to €100,000.

Who owns whom?

Protection offered by the FSCS is per institution NOT per account.

This can make it difficult to work out whether your savings are safe, because some institutions operate a number of different brands.

You only get protection from each individual brand if they are each registered separately with the FCA.

If there is a only a single registration for the entire group, you will only have £85,000 protection across all that institution's brands.

For example, Lloyds Banking Group, which was formed by the merger of Lloyds TSB and HBOS has two banking licences.

To make matters more complicated, there are a number of brands that operate under the HBOS licence: Halifax, Bank of Scotland, BM Savings, Intelligent Finance, The AA and Saga.

This means that if you have a savings account with Halifax, and another with BM Savings, only £85,000 is protected.

But if you had a Halifax account and an account with Lloyds Bank, you could protect £170,000 of your cash savings because they are registered separately with the FCA.

You only get protection from each individual brand if they are each registered separately with the FCA.
If you want to be certain your savings are safe, you should never save more than £85,000 with any one institution.

The only place where your savings are protected above the £85,000 limit is National Savings & Investments (NS&I), because it is backed by the Government.

The table below which shows you what protection you have with the main savings providers that operate in the UK.

The information in this article was last updated on January 9, 2015.

Provider

Parent company & country of origin

Maximum level of protection

 Santander
(formerly Abbey)
Alliance & Leicester
ASDA
Bradford & Bingley
Cahoot

Banco Santander, Spain

£85,000 (in total)

Anglo Irish Bank

Anglo Irish Bank plc, Ireland

€100,000 (about £85,000) will be guaranteed under the Irish Deposit Guarantee Scheme. Remaining amount covered by the Irish Government's Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009

Bank of Baroda

Bank of Baroda, India

£85,000

 Bank of Cyprus UK

Bank of Cyprus, Cyprus

Cypriot Deposit Protection Scheme covers up to €100,000 (about £85,000)

Bank of Scotland
The AA
Birmingham Midshires/BM Savings
Halifax
Intelligent Finance
Saga

Lloyds Banking Group, UK

£85,000 (in total)

Bank of Ireland
Bristol & West

Bank of Ireland, Ireland

€100,000 (about £85,000) will be guaranteed under the Irish Deposit Guarantee Scheme. Remaining amount covered by the Irish Government's Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009

Barclays
Woolwich

ING Direct2

Barclays Bank plc, UK

£85,000 (in total)

Cater Allen Private Bank

Banco Santander, Spain

£85,000

Citibank

Citigroup Inc. USA

 

£85,000

Close Brothers

Close Brothers Group plc, UK

£85,000

Clydesdale Bank
Yorkshire Bank

National Bank Group, Australia

£85,000 (in total)

Coventry Building Society
Stroud & Swindon Building Society3

Coventry Building Society, UK

£85,000 (in total) 

 

 

 

FirstSave Bank of Nigeria 

Bank of Nigeria, Nigeria

£85,000

HSBC
First Direct 

HSBC Bank plc, UK

£85,000 (in total)

ICICI Bank

ICICI Bank Limited, India

£85,000

 

 

 

 

Investec Private Bank

Investec Bank plc, UK

£85,000

Julian Hodge Bank

Julian Hodge Bank

£85,000

Kent Reliance Building Society

OneSavings Bank plc, UK

£85,000

Laiki Bank

Marfin Popular Bank (Cyprus)

Central Bank of Cyprus Deposit Protection Scheme covers up to €100,000 (about £85,000)

 Leeds Building Society

 Leeds Building Society, UK

£85,000 

Lloyds Bank

Lloyds Banking Group, UK

£85,000

Manchester Building Society

Manchester Building Society, UK

£85,000

Mansfield Building Society

Mansfield Building Society, UK

£85,000

 Market Harborough Building Society

Market Harborough Building Society, UK 

£85,000

 

 Marks & Spencer Money

Marks & Spencer Financial Services plc & HSBC, UK

£85,000

National Savings & Investments

Bank of England/HM Treasury

All deposits backed by UK Government. 100% protected

NatWest

Royal Bank of Scotland plc, UK

£85,000

 

Nationwide
Cheshire Building Society
Derbshire Buidling Society
Dunfermline Buidling Society4

Nationwide Building Society, UK 

£85,000 (in total) 3

Newcastle Building Society 

Newcastle Building Society, UK

£85,000

 

 

 

 

 

 

Nottingham
Building Society

Nottingham
Building Society, UK

 £85,000

Post Office

 Bank of Ireland (UK) plc, EIRE

£85,000

Principality Building Society

Principality Building Society, UK

£85,000

Progressive Building Society

Progressive Building Society, UK

£85,000

Punjab National Bank

Punjab National Bank, India (PNB)

£85,000

Rothschild Reserve

N M Rothschild & Sons Limited, UK

£85,000

Royal Bank of Scotland
Direct Line

Royal Bank of Scotland plc, UK

£85,000 (in total)

Saffron Building Society

Saffron Building Society, UK

£85,000

Sainsbury's Bank

Sainsbury's Bank plc & Lloyds Banking Group plc, UK

£85,000

 

 

 

 

 

Scottish Widows

Lloyds Banking Group plc, UK

£85,000

Secure Trust Bank

Arbuthnot Banking Group plc, UK

£85,000

Shepshed Building Society

Shepshed Building Society, UK

£85,000

Skipton Building Society
Scarborough Building Society
Capital One Bank
Chesham Building Society

Skipton Building Society, UK 

£85,000 (in total) 

Standard Life Bank

Barclays Bank plc, UK

£85,000

State Bank of India

State Bank of India, India

£85,000

 

The Co-operative Bank
smile
Britannia Building Society6

The Co-operative Bank plc, UK

£85,000 (in total) 3

 

Teachers Building Society

Teachers Building Society, UK 

£85,000

Tesco Personal Finance

Tesco plc, UK

£85,000

 

TSB

Lloyds Banking Group

£85,000

Turkish Bank (UK) Ltd.

Turkish Bank Limited, Turkey

£85,000

United Trust Bank

United Trust Bank, UK

£85,000

 Virgin Money

Northern Rock

 Virgin Money

 £85,000

West Bromwich Building Society

West Bromwich Building Society, UK

£85,000

Yorkshire Building Society

Egg

Norwich & Peterborough  
Chelsea Building Society
Barnsley Building Society8

Yorkshire Building Society , UK

 

£85,000 (in total)  

1 Akbank N. V. is a wholly owned subsidiary of Akbank T.A.S, Turkey.
2 Barclays bought ING Direct’s savings business in 2013
3Coventry Building Society and Stroud and Swindon Building Society completed a merger on September 1, 2010.
4 Cheshire Building Society, Derbyshire Building Society and Dunfermline Building Society are trading divisions of Nationwide Building Society.
5 Skipton and Scarborough building societies merged on March 30, 2009. Skipton Building Society bought the savings book of Capital One Bank in June 2009.
6 Britannia Building Society is a trading name used by The Co-operative Bank plc.
7 Northern Rock was purchased by Virgin Money and all accounts rebranded as Virgin Money.

8 Barnsley Building Society is a trading name of Yorkshire Building Society. Chelsea Building Society and Yorkshire Building Society merged on April 1, 2010. Yorkshire Building Society bought Egg from Citigroup in July 2011 and merged with Norwich & Peterborough Building Society in November that year.

The above list is not inclusive. For further information visit the FSA website.