Which banks are in the UK savings compensation scheme and do they protect £85,000 of savings?

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If you have savings, do you know how they’re protected? Which banks protect your savings up to £85,000? Find out:

How the limits work

The Financial Services Compensation Scheme – which covers savings in banks, building societies and credit unions in the UK covers up to £85,000 of savings per person per bank from January 30th 2017. The limit was £75,000 (it fell to £75,000 at the start of 2016). Some banks that share a banking licence with another bank also share the savings compensation scheme limit. That means that savings you have across all these banks (or building societies) are covered up to a limit of £85,000, not £85,000 per bank.

Banks covered by the UK savings scheme

Aldermore bank: The £85,000 limit covers savings you may have with Aldermore Bank.

Al Rayan Bank (which used to be called the Islamic Bank of Britain): The £85,000 limit covers savings you may have with Al Rayan Bank.

Bank of Cyprus UK: The £85,000 limit covers savings you may have with the Bank of Cyprus UK.

SAVVY TIP: On April 2nd 2013, Laiki Bank UK’s deposits in the UK were ‘rolled’ into the Cyprus Bank UK. This means that savers who had money in the Laiki Bank UK are protected by the Financial Services Compensation scheme.

Bank of London and the Middle East: The £85,000 limit covers savings you may have with the Bank of London and the Middle East.

Barclays: The £85,000 limit is an umbrella limit, covering savings you may have with Barclays Bank, Barclaycard, Barclays Business, Barclays Capital, Barclays Corporate, Barclays Direct, Barclays UK & Ireland Private Bank, Barclays International Private Banking, Barclays Premier, Barclays Private Bank, Barclays Wealth and Woolwich Mortgages.

SAVVY TIP: ING Direct used to be covered by the Dutch compensation scheme, but it became part of Barclays in 2013.

Citibank. The £85,000 limit is an umbrella limit, covering savings you may have with Citibank, Citi Private Bank, Citi International Personal Bank and Citibank International plc – Greece Branch.

Clydesdale bank: The £85,000 limit is an umbrella limit, covering savings you may have with Clydesdale and Yorkshire banks.

The Co-operative bank: The £85,000 limit is an umbrella limit, covering savings you may have with the Co-operative bank, Smile and Britannia.

First Direct: The £85,000 limit is an umbrella limit, covering savings you may have with First Direct and HSBC.

Halifax bank: The £85,000 limit is an umbrella limit, covering savings you may have with Halifax, Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Bank of Scotland The Netherlands, Bank of Scotland Treasury, Lloyds Bank (Netherlands only) and St. James’s Place Bank. Some savings accounts under the AA Savings, Saga and Charities Aid Foundation brand names are also included in this £85,000 limit.

HSBC: The £85,000 limit is an umbrella limit, covering savings you may have with HSBC and First Direct.

Investec Bank: The £85,000 limit covers savings you may have with Investec bank.

Lloyds Bank: The £85,000 limit is an umbrella limit, covering savings you may have with C&G Savings, Lloyds Bank, Lloyds Bank Private Banking and Lloyds Worldwide Service.

M&S Bank: The £85,000 limit covers savings you may have with M&S Bank.

SAVVY TIP: Although Marks and Spencer bank is wholly owned by HSBC, it has a separate banking licence. And that means it has its own £85,000 limit for the savings compensation scheme.

Metro Bank: The £85,000 limit covers savings you may have with Metro bank.

NatWest: The £85,000 limit covers savings you may have with NatWest bank.

SAVVY TIP: Although NatWest and RBS are one banking group, they kept their individual banking licences when they merged, so don’t share an £85,000 limit.

Post Office: The Post Office savings products are provided by the Bank of Ireland UK. The £85,000 limit covers savings you may have with the Post Office. However, the Post Office also offers some other products (such as those provided by National Savings & Investments), which have different protection limits. You can read more information about protection limits on the Post Office website.

SAVVY TIP: Bank of Ireland UK doesn’t provide savings in its own name at the moment although Bank of Ireland does in Northern Ireland.

RBS: The £85,000 limit is an umbrella limit, covering savings you may have with Royal Bank of Scotland, the One Account, Child & Co, Drummonds and Holt’s.

SAVVY TIP: Although RBS and NatWest merged, they kept their individual banking licences, so don’t share an £85,000 limit.

Sainsbury’s Bank: The £85,000 limit covers savings you may have with Sainsbury’s bank.

Santander: The £85,000 limit covers savings you may have with Santander and Cahoot (although Cahoot doesn’t offer savings accounts or accounts to new customers).

Secure Trust bank: The £85,000 limit covers savings you may have with Secure Trust bank.

Shawbrook bank: The £85,000 limit covers savings you may have with Shawbrook bank.

Tesco Bank: The £85,000 limit covers savings you may have with Tesco bank.

TSB: The £85,000 limit covers savings you may have with TSB bank.

United Trust Bank: The £85,000 limit covers savings you may have with United Trust bank.

Virgin Money: The £85,000 limit covers savings you may have with Virgin Money.

SAVVY TIP: Virgin Money took over Northern Rock in 2012, and the £85,000 limit covers all savings you may have had under the Northern Rock brand as well.

Yorkshire bank — see entry for Clydesdale bank.

Building societies covered by the UK savings scheme

Chelsea building society — see entry for the Yorkshire building society

Coventry building society: The £85,000 limit covers savings you may have with the Coventry building society.

Nationwide: The £85,000 limit is an umbrella limit, covering savings you may have with the Nationwide Building Society, Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society and Nationwide UK (Ireland)

Skipton building society: The £85,000 limit is an umbrella limit, covering all savings you may have with Skipton Building Society, Castle Money, Scarborough Investments Direct, and all deposits held through the Credit Suisse index-dependent Deposit Plans where Skipton Building Society is the deposit taker.

Yorkshire building society: The £85,000 limit is an umbrella limit, covering savings you may have with Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and Egg.

Banks not covered by the UK savings scheme

Banks that have their headquarters in the EU must be covered by their host country’s scheme.

French bank RCI Bank is covered by the French deposit protection scheme up to a limit of €100,000. However, you don’t have to apply for compensation if the bank were to go bust as you’d be automatically contacted and you should receive the compensation within seven days.

German bank Fidor Bank is covered by the German deposit protection scheme.

Ethical bank Triodos bank is protected by the Dutch deposit guarantee scheme. However, those running Triodos say it is much better capitalised (essentially, that it has much more money relative to what it lends) than a number of UK ‘mainstream’ banks.

Related articles:

10 things you need to know about making a savings claim to the Financial Services Compensation Scheme

Tax-free savings allowance explained; interest of up to £1,000 a year tax free

How to avoid investment scams

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