HOW MUCH WOULD YOU GET BACK?
If an FSA-registered UK bank or building society goes bust, the Financial Services Authority (FSA) guarantees your deposit and will pay you compensation up to their limit of £35,000. This is known as the Financial Services Compensation Scheme (FSCS).
You can distribute your money across more than one bank, keeping each under the £35k limit to make sure that all your money was fully guaranteed.
But what if you have savings with 2 banks who are part of the same group? If they are using the same FSA registration number, you would only get compensation up to a total of £35,000 for the combined amount you held with them!
This may affect you without you realising it. You may know, for example, that the Halifax Building Society and the Bank of Scotland are now the same company. But did you know that they use the same FSA-registration as Birmingham Midshires? and Capital Bank? and Intelligent Finance?
The best way to be sure that your money is 100% guaranteed is to lookup each bank or building society on the register held by the FSA and check whether any of the companies with whom you have savings or ISAs have the same registration. Using the FSA website guarantees you the most up-to-date information.
But many people find the FSA website difficult to use. Our website aims to provide a more user-friendly way of getting you the information you need.
- The Quick Check page lets you do a quick lookup to get the FSA Registration number for a particular bank; it also shows you the other names the bank is trading under.
- The Calculator page lets you quickly tot up your savings and tell you whether you are at risk.
- Subscribe to the Blog for notification about changes to this website or to the FSA rules.
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