The Financial Services Compensation Scheme offers full compensation up to £85,000 per saver of the amount you have in the account, per UK authorised bank, building society, credit union or friendly society that goes bust.
Source: Q&A: Are my savings safe? @ BBC News: Business
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- How to save safely with banks and building societies: the savings compensation rules we should all know @ ThisIsMoney.co.uk
Excerpt: All UK savers have the first £85,000 of cash protected in the event of their bank or building society going bust from the 1 January 2011. The limit is applied ‘per individual, per bank’. That means joint account customers can get up to £170,000 refunded if their bank fails. You MUST follow these rules to the letter for full protection.
- Are Your Savings Safe? @ MoneySavingExpert
Excerpt: Every UK-REGULATED account gets £85,000 protection. All UK-regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the Government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you’d get back up to £85,000 per person, per financial institution. The majority should get it within seven days.
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