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 authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the independent government watchdogs which regulate financial services in the UK

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

The scheme pays out up to £75,000 per person, or £150,000 for joint accounts, per financial institution, if your bank or building society fails.

This protection limit was reduced from £85,000 per person, or £170,000 per financial institution on January 1, 2016. 

The limit is reviewed every five years, and is set in line with the rest of Europe, where savers’ deposits are protected up to €100,000 per person. The pound has strengthened against the euro recently (so each pound buys more euros), which is why the limit has fallen.

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 only a single registration for the entire group, you will only have £75,000 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 £75,000 is protected.

But if you had a Halifax account and an account with Lloyds Bank, you could protect £150,000 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 £75,000 with any one institution.

The only place where your savings are protected above the £75,000 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 18, 2016.

Provider Parent company & country of origin Maximum level of protection
 Aldermore Aldermore £75,000
Anglo Irish Bank Anglo Irish Bank plc, Ireland €100,000 (about £75,000) 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 £75,000
Bank of Cyprus UK Bank of Cyprus, Cyprus Cypriot Deposit Protection Scheme covers up to €100,000 (about £75,000)
Bank of Scotland
The AA
Birmingham Midshires/BM Savings
Halifax
Intelligent Finance
Saga
Lloyds Banking Group, UK £75,000 (in total)
Bank of Ireland
Bristol & West
Bank of Ireland, Ireland €100,000 (about £75,000) 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 Direct1
Barclays Bank plc, UK £75,000 (in total)
Cater Allen Private Bank Banco Santander, Spain £75,000
Charter Savings Bank Charter Court Financial Services Limited, UK £75,000
Citibank Citigroup Inc. USA  

£75,000
Close Brothers Close Brothers Group plc, UK £75,000
Clydesdale Bank
Yorkshire Bank
National Bank Group, Australia £75,000 (in total)
Coventry Building Society
Stroud & Swindon Building Society2
Coventry Building Society, UK £75,000 (in total) 
FirstSave FBN Bank, UK £75,000
HSBC
First Direct 
HSBC Bank plc, UK £75,000 (in total)
ICICI Bank ICICI Bank Limited, UK £75,000  

Investec Private Bank Investec Bank plc, UK £75,000
Julian Hodge Bank Julian Hodge Bank £75,000
Kent Reliance Building Society OneSavings Bank plc, UK £75,000
Laiki Bank Marfin Popular Bank (Cyprus) Central Bank of Cyprus Deposit Protection Scheme covers up to €100,000 (about £75,000)
Leeds Building Society Leeds Building Society, UK £75,000 
Lloyds Bank Lloyds Banking Group, UK £75,000
Manchester Building Society Manchester Building Society, UK £75,000
Mansfield Building Society Mansfield Building Society, UK £75,000
Market Harborough Building Society Market Harborough Building Society, UK  £75,000
Marks & Spencer Money Marks & Spencer Financial Services plc & HSBC, UK £75,000
Metro Bank £75,000
National Savings & Investments Bank of England/HM Treasury All deposits backed by UK Government. 100% protected
NatWest Royal Bank of Scotland plc, UK £75,000  

Nationwide
Cheshire Building Society
Derbshire Buidling Society
Dunfermline Buidling Society3
Nationwide Building Society, UK  £75,000 (in total) 
Newcastle Building Society  Newcastle Building Society, UK £75,000
Nottingham
Building Society
Nottingham
Building Society, UK
£75,000
Paragon Bank The Paragon Group, UK £75,000
Post Office  Bank of Ireland (UK) plc, EIRE £75,000
Principality Building Society Principality Building Society, UK £75,000
Progressive Building Society Progressive Building Society, UK £75,000
Punjab National Bank Punjab National Bank, India (PNB) £75,000
Rothschild Reserve N M Rothschild & Sons Limited, UK £75,000
Royal Bank of Scotland
Direct Line
Royal Bank of Scotland plc, UK £75,000 (in total)
Saffron Building Society Saffron Building Society, UK £75,000
Sainsbury's Bank Sainsbury's Bank plc & Lloyds Banking Group plc, UK £75,000
Santander
(formerly Abbey)
Alliance & Leicester
ASDA
Bradford & Bingley
Cahoot
Banco Santander, Spain   £75,000 (in total)
Scottish Widows Lloyds Banking Group plc, UK £75,000
Secure Trust Bank Arbuthnot Banking Group plc, UK £75,000
Shawbrook Bank Shawbrook Bank, UK £75,000
Shepshed Building Society Shepshed Building Society, UK £75,000
Skipton Building Society4
Scarborough Building Society
Capital One Bank
Chesham Building Society
Skipton Building Society, UK  £75,000 (in total) 
Standard Life Bank Barclays Bank plc, UK £75,000
State Bank of India State Bank of India, India £75,000
The Co-operative Bank
smile
Britannia Building Society5
The Co-operative Bank plc, UK £75,000 (in total) 
Teachers Building Society Teachers Building Society, UK  £75,000
Tesco Personal Finance Tesco plc, UK £75,000
TSB SabadellGroup, Spain £75,000
Turkish Bank (UK) Ltd. Turkish Bank Limited, Turkey £75,000
United Trust Bank United Trust Bank, UK £75,000
Virgin Money6
Northern Rock
Virgin Money £75,000
West Bromwich Building Society West Bromwich Building Society, UK £75,000
Yorkshire Building Society Egg, Norwich & Peterborough, Chelsea Building Society, Barnsley Building Society7 Yorkshire Building Society , UK £75,000 (in total)  


1 Barclays bought ING Direct’s savings business in 2013 
2 Coventry Building Society and Stroud and Swindon Building Society completed a merger on September 1, 2010.
3 Cheshire Building Society, Derbyshire Building Society and Dunfermline Building Society are trading divisions of Nationwide Building Society. 
4 Skipton and Scarborough building societies merged on March 30, 2009. Skipton Building Society bought the savings book of Capital One Bank in June 2009. 
5 Britannia Building Society is a trading name used by The Co-operative Bank plc.
6 Northern Rock was purchased by Virgin Money and all accounts rebranded as Virgin Money.

7 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.

For further information visit the Financial Conduct Authority.