FSCS savings protection: why your banking licence matters

Two savings accounts with different names do not always mean two separate protection limits. Before spreading a large cash balance between brands, find out which authorised firm holds each deposit.

The current deposit limit

From 1 December 2025, FSCS deposit protection is £120,000 per eligible person, per authorised firm for eligible deposits with UK-authorised banks, building societies and credit unions. It is not £120,000 for every account you open.

Where brands share an authorisation, deposits can count towards the same limit. The provider's depositor information sheet and the FSCS protection checker are better starting points than the colour of its logo.

A simple example

Suppose an eligible saver holds £80,000 with one brand and £50,000 with another brand under the same authorisation. Together that is £130,000: £10,000 above the standard £120,000 limit. Opening a second account within that same authorised firm would not create another standard limit.

This example assumes ordinary eligible deposits and no special protection arrangements. Joint accounts and certain temporary high balances have additional rules; check the circumstances directly with FSCS.

Make a short savings record

Keep a note of each provider, the authorised firm, your balance and the date you checked its protection. Recheck when your balance grows or a provider changes ownership. That makes the next review much easier than reconstructing everything from bank statements.

Deposit protection is different from investment protection. It does not turn a falling investment into protected cash or guarantee investment returns.

Source checked: 8 October 2026. FSCS: the deposit protection limit.

Continue with ISAs explained or saving versus investing.

General information. Confirm eligibility and cover with FSCS and your provider.