Jump to content
House Price Crash Forum
Sign in to follow this  

Financial Services Compensation Scheme

Recommended Posts

Here is some general information regarding what happens if your bank goes bust and it has your savings.

The word from the FSA.


If a bank or building society collapses, you may be at least partially protected by the Financial Services Compensation Scheme. The maximum compensation payment is £31,700 (100% of the first £2,000 and 90% of the next £33,000).

Your saving institution MUST be covered by the FSA. They do seem to have a monthly updated list of approved institutions on there website, just do a search on there site for it.

The scheme itself.


And specifically for bank deposits...


Note, it appears that the institution must be declared as in 'default', so in practice if a bank goes under not sure what happens if its bought out by another one, do they honour your deposits or only parts thereof.

Joint accounts are treated as separate accounts.

Also note that there doesn't seem to be any mention of the 'legal entity' issue. This means what happens if you had 2 or more accounts spread across high street named banks but they are owned by the same parent company. Bank of scotland and Halifax as an example owned by HBOS.

Note to mods, is this worth pinning or putting somewhere else?

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.