Safe Savings FSCS Checker
Our safe savings checker helps you understand how the Financial Services Compensation Scheme (FSCS) protects your savings deposits and how to distribute larger sums across multiple institutions to ensure full protection. With savings rates at multi-year highs, many people are holding larger cash balances than before — making FSCS awareness more important than ever.
Safe Savings (FSCS) Checker
Check if your savings are fully protected by the FSCS. The scheme covers up to £85,000 per person per authorised institution.
FSCS Protection Explained
The Financial Services Compensation Scheme protects up to £85,000 per person per authorised institution if a bank, building society, or credit union fails. This limit applies per banking group — not per account. If you hold £50,000 in a current account and £50,000 in a savings account at the same bank, the total £100,000 means £15,000 is unprotected.
Crucially, many banking brands share the same authorisation. For example, Halifax and Bank of Scotland are both part of Lloyds Banking Group — holding £85,000 in Halifax and £85,000 in Bank of Scotland leaves £85,000 unprotected. Always check the authorisation details of each institution at the FCA Register before distributing large savings.
Temporary High Balance Protection
For certain life events, FSCS provides temporary high balance protection of up to £1 million for six months. Qualifying events include the sale of a property, receipt of an inheritance, a divorce or dissolution settlement, a personal injury compensation payout, and certain other life events. After six months, the standard £85,000 limit applies — so plan the distribution of large sums before the six-month window closes.
Frequently Asked Questions
No — NS&I is backed directly by HM Treasury, which provides an implicit 100% guarantee on all deposits, with no limit. Premium bonds, income bonds, and cash ISAs with NS&I are effectively government-guaranteed. Many savers use NS&I as the home for savings above the FSCS limit precisely for this reason.
No — FSCS protection covers the total deposits with an authorised institution, regardless of account type. An ISA and a savings account at the same bank are both covered under the same £85,000 limit. Ensure your combined balance across all accounts at one institution does not exceed the limit.
If a FSCS-protected bank fails, compensation up to £85,000 is typically paid within 7 working days — automatically, without requiring a claim in most cases. Amounts above £85,000 may be recovered as part of the bank administration process but could take years and may not be recovered in full.
Yes — joint accounts are protected up to £85,000 per person, giving joint account holders combined protection of £170,000 at one institution. This is in addition to each person’s individual protection of £85,000 on their individual accounts at the same institution.
Split across three separate authorised institutions: £85,000 each in two different banking groups, and £30,000 (or with NS&I for unlimited protection) for the remainder. Use the FSCS bank checker to confirm institutions share authorisations before splitting. Our Savings Calculator helps model the growth on any split once distribution is decided.
Enter your savings balance and the institution where you hold them. FSCS (Financial Services Compensation Scheme) protection covers deposits up to £85,000 per person per authorised institution. If you hold savings with multiple banks within the same banking group — for example, First Direct and HSBC — these count as a single institution for FSCS purposes and the £85,000 limit applies to the combined total. Temporary high balance protection extends to £1,000,000 for six months following certain life events such as property sale proceeds or inheritance. For amounts above the FSCS limit, spreading across multiple separately authorised institutions is the standard approach to maintaining full protection coverage.
Important Information
This calculator is provided for general information and planning purposes only. It does not constitute financial or tax advice and should not be relied upon as such. Figures are indicative estimates based on simplified, publicly available criteria and stated assumptions. Actual results depend on your full circumstances. See our Disclaimer for further information.