Banking
United Kingdom — Banking: Best Banks
The Financial Services Compensation Scheme protects up to GBP 120,000 per person per authorised firm for firms failing from 1 December 2025; regulators do not rank banks.
Key facts
- The deposit protection limit rose from GBP 85,000 to GBP 120,000 on 1 December 2025; the old limit still applies to firms that failed earlier.
- Protection applies per depositor per authorised firm; brands sharing one banking licence count as one bank.
- Joint accounts give each holder up to GBP 120,000; temporary high balances such as home sale proceeds get extra cover for up to six months, usually up to GBP 1.4 million.
- Check the firm has an FCA or PRA authorisation number and use the FSCS bank and savings protection checker.
Common mistakes
- Spreading savings across brands that share one licence and assuming each is covered separately.