What does the FSCS limit apply to?
The Financial Services Compensation Scheme (FSCS) limit of £85,000 applies to the combined amount that you hold in all accounts held with banks operating under a single banking licence. It does not apply by savings account or bank brand. This means that when considering how to spread deposits to maximise FSCS cover, you should consider the following:
- Some banks and building societies share a banking licence. Deposits with banks under the same licence are protected up to £85,000 in total. See a list of banks and building societies under the same banking licence.
- The limit applies to the combined amount across all accounts you hold under a single banking licence
- The limit includes any interest you earn on your savings, as well as the original amount you deposited
- How does the Cash savings hub work?
- How long does it take for payments to clear into/from my transit account?
- What types of notice accounts are available in the Cash savings hub?
- What is the make good policy?
- What is the minimum amount I need to deposit to open a Cash savings hub?
- How do I find out my transit account sort code and account number?