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How FSCS protects your savings in times of crisis

"Shellie Schafer" (2020-05-19)


\uc5d0\uadf8\ubcb3 \uacb0\uacfc\ubc1c\ud45c \uc81c 2\ud68c \uc2ac\ub86f\uac8c\uc784 \ud1a0\ub108\uba3c\ud2b8At a time when the coronavirus outbreak has shocked nations around the world and hit people's finances, savers understandably want to know if their cash is protected. 

In the UK, the Financial Services Compensation Scheme (FSCS) provides safeguards for savers, and these still apply throughout the coronavirus pandemic. 

The government has promised to do 'whatever it takes' to protect Britons and businesses from the financial fallout caused by the lockdown and coronavirus protective measures, pledging financial aid to the tune of hundreds of billions of pounds. 

In the midst of such uncertainty, savers can take reassurance that when it comes to their cash, FSCS has got them covered. We explain the details.






FSCS protects money held in banks, building societies and credit unions up to £85,000 per person, per UK institution 



FSCS protects savings up to £85,000
FSCS  is funded by a levy on all regulated financial services firms in the UK and 온라인슬롯머신사이트 protects your money if a financial services firm fails. As well as banks, building societies and credit unions, FSCS protects pensions, insurance, investments, mortgages, endowments, PPI and debt management.

FSCS protects money held in banks, building societies and credit unions up to £85,000 per person, per UK institution.

For a joint account, the amount is doubled to £170,000 of protection per institution. 


Got a lot of savings? Spread them to stay protected 
It's important to note that this cover applies to the total sum of money held with a bank, building society or credit union, but be aware that some banks share a banking licence which will affect how much of your money is protected.



 For a joint account, the amount is doubled to £170,000.

For example, NatWest and RBS belong to the same banking institution, and Halifax, Bank of Scotland and Lloyds Bank are also considered one institution as they share a banking licence. 

If you hold multiple accounts with banks that share the same banking licence, anything you hold over £85,000 won't be protected.

If you have more than £85,000, make sure it is spread across different banks that don't share a licence to benefit from full FSCS protection.   

To find out how much of your money in your bank, building society or credit union is protected, use FSCS's protection checker. You can also search the Financial Conduct Authority's (FCA) financial services register to see which banks share a licence. If the banks have the same firm reference number, they share a licence.






If you have money in a bank and you're not sure where it holds its banking licence, you can search the FCA's financial services register



Check whether your money is held in a UK bank
Some of the best savings rates over the past few years have been offered to UK savers by banks many people may not previously have heard of. 

For example, FCMB is the UK arm of a Nigerian bank, RCI is the UK arm of Renault Finance, and QIB UK is the UK arm of ICICI, the second-largest bank in India.

While these banks' parent companies may be based abroad, they often have a UK banking licence to operate here. That is crucial to FSCS protection.

If you have savings in a bank and you're not sure where it holds its banking licence, you can search the FCA's financial services register to find out if it has a UK licence.  

If you have savings with a bank that isn't covered by FSCS protection, you may still be eligible to claim for compensation from the scheme available in that bank's country of registration. Your bank will be able to tell you how to do this.  





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Listen to the This is Money Podcast



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