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Home > Prudential Regulation Authority > Banking information

Banking information

​FSCS  |  2015 updates   Banking |  Insurance

This page includes information on:


Amount of compensation

On 3 July 2015, the PRA amended the deposit protection limit from £85,000 to £75,000 as a result of requirements in the European Deposit Guarantee Schemes Directive (DGSD). Most depositors remain protected up to £85,000 up to and including 31 December 2015 due to transitional measures put in place by HM Treasury to maintain the maximum level of compensation available for a transitional period. This transitional arrangement applies to depositors who were eligible for compensation up to £85,000 before 3 July 2015 and who continue to be eligible after 3 July 2015.

Until 31 December 2015, eligible deposits of individuals and small companies in banks, building societies and credit unions (including in Northern Ireland) authorised by the PRA remain protected up to a limit of £85,000. These include, for example, their eligible deposits in current accounts, savings accounts, cash ISAs or savings bonds.

For people who are protected up to £85,000 during this transition period, the £85,000 limit applies to the total eligible deposits of each person, per PRA-authorised firm. For eligible deposits in a joint account, this means that each account holder is protected up to £85,000, so two people would be covered up to a total of £170,000, per PRA-authorised firm.  From 1 January 2016, the £75,000 limit will apply; as such, the same joint account would be covered up to a total of £150,000.
A PRA-authorised firm may own several banking and building society brands. This means that anyone with eligible deposits in more than one account under a single brand, or multiple accounts under different brands owned by a single PRA-authorised firm, is protected up to a total of the relevant deposit protection limit (£85,000 or £75,000) with that PRA-Authorised firm.

On 3 July 2015, the PRA opened a consultation on proposals that included rules to ensure that depositors who were previously protected in accordance with the COMP rules can adjust the total amount of eligible deposits they hold with any one DGS member to take account of the new limit on 1 January 2016, without incurring penalties, charges or loss of interest when doing so. On 31 July 2015, the PRA published PS18/15’Depositor and dormant account protection- consequential amendments’ confirming these changes. Under the rules depositors can request withdrawals up to (and including) 31 December 2015.

Large companies and small local authorities
On 3 July 2015, eligible deposits of large companies and small local authorities became eligible for protection.  Since these deposits were not previously protected, the £75,000 deposit protection limit applies.
Depositors no longer eligible after 3 July
Depositors that are no longer eligible for FSCS protection under the DGSD, such as credit union own funds, no longer qualify for deposit protection after 3 July 2015.

FSCS coverage relating to international banks operating in the UK (England, Scotland, Wales & Northern Ireland, but not including the Channel Islands or Isle of Man)

Depositors in some overseas firms are protected up to a limit of £85,000 (or £75,000 after 31 December 2015). These include:
  • UK incorporated subsidiaries of European Economic Area (EEA) deposit-takers;
  • UK incorporated subsidiaries of non-EEA deposit-takers; and
  • UK branches of non-EEA deposit-takers authorised by the PRA to accept deposits in the UK.

Eligible depositors in UK branches of EEA banks are protected by the home-state deposit guarantee scheme, usually up to a limit of €100,000. They are not covered by the FSCS. For more information on the extent and nature of non-UK deposit guarantee schemes please refer directly to those schemes. If you are not sure how your money is protected you can contact your bank for information. 

Depositors with aggregate eligible deposits in excess of the new £75,000 limit, may wish to take steps within the transitional period (before 1 January 2016) to keep deposits fully protected (eg by splitting their deposits among different PRA-authorised firms – see lists below).

For further information about the policy changes and implementation, please see the 2015 updates page.

Lists of banking brands and building societies brands

Lists of the principal banking brands and building society brands that are covered by the FSCS are available below. These show:
  • the main banking and building society brands;
  • which PRA-authorised firm owns that brand;
  • the unique 'firm reference number' (FRN) of that PRA-authorised firm; and
  • other brands owned by the same PRA-authorised firm.

List of banking brands - September 2016
List of banking brands - September 2016

List of building society brands - September 2016
List of building society brands - September 2016

Historical versions of these documents are also available on our Banking information - historical lists page.

For an up to date list of all PRA-authorised firms please refer to the Financial Services Register.

For further information or any questions on the FSCS, please see the FSCS website.