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FSCS Guide

A guide to the Financial Services Compensation Scheme

In this guide:

  • What is FSCS? - How it works and what you need to know.
  • Who is covered by FSCS? – Things to watch out for to ensure you’re fully covered.
  • How safe is your cash? - How to pick through the minefield of shared banking licences.

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From this guide:

Providers with shared banking licences

As mentioned earlier, an important aspect of protecting your savings and ensuring that you don’t breach the FSCS limit is knowing whether your chosen bank or building society has its own banking licence or shares one with another provider.

Providers that share a banking licence are not always obvious and can be easy to miss In all these cases, the £85,000 limit relates to the combined amount held with any of these providers.

For example, a whole host of providers come under the Bank of Scotland banking licence, such as Halifax, Birmingham Midshires and Saga to name but a few. Having more than £85,000 spread between these providers would mean that the excess is not protected by the FSCS.

The key point here is that you wouldn’t automatically put some of these providers together and the fact that they share a banking licence can be very easy to miss.

To see whether your provider has its own or shares a banking licence take a look at the table.

Download the full guide to read more.

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