What is the Financial Services Compensation Scheme?
The Financial Services Compensation Scheme (FSCS) is the UK's deposit guarantee scheme. It pays compensation to consumers in the unlikely event a financial services firm (covered by the scheme) they save or invest with stops trading, subject to certain conditions. For banks and building societies with eligible deposits, the FSCS compensation limit is £85,000 per banking licence.
If you’re an individual customer, the cash you hold with us is eligible for protection under the FSCS. To reduce your exposure to the risk of any individual bank failing, we hold your cash across a range of carefully selected banks.
- 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?