FSCS protection covers deposits made by individuals into savings accounts up to £85,000 per person, per banking group, which also includes any direct funds you may already hold with the bank that isn’t related to a savings account held through Raisin UK, provided that the financial institution is regulated by the Financial Conduct Authority, the Prudential Regulation Authority, or both. FSCS protection is available for deposits with most UK high-street and online banks, and it will protect your money if a bank fails and is unable to return your deposit(s).
The FSCS will pay compensation up to the limit of £85,000 per person, per authorised financial institution/banking group. Should you have multiple deposits within a banking group, you will only be protected up to the statutory limit of £85,000, regardless of how many deposits you have within the group. This FSCS limit is for the total of all the savings accounts you have with the different bank brands under the authorisation, irrespective of how many different institutions a person holds accounts with.
We will always let you know which banking group a savings account is being offered by, enabling you to make informed decisions as to which savings accounts are right for you.
If you think you have a claim from a financial firm that’s failed, you can make your claim deposits directly with the FSCS if it’s within the UK. If it is found that your financial firm has failed, then the FSCS should automatically return your money, up to £85,000 per person, per banking group. Timescales for the return of your money can vary between different banks and banking groups, depending on if they hold your savings in a ‘direct’ or ‘trust’ model.
Funds held directly by the bank are usually returned within 2-3 days. Funds held under a trust model can take up to three months to be returned, however, this is usually done a lot sooner. You can find out more about the return of funds under the ‘Deposit Guarantee Scheme’ section of each partner bank here.