What is the FSCS? How your money is protected if a UK bank fails
By SendPay Business · · 2 min read
The Financial Services Compensation Scheme (FSCS) is the UK's safety net for customers of authorised financial firms. If a UK bank or building society fails, the FSCS can pay back eligible deposits up to a set limit per person, usually within a few working days.
How the limit works
- The limit applies per person, per banking licence, not per account.
- Some banks run several brands under one licence, so money split between those brands shares one limit.
- Joint accounts get a limit for each account holder.
- Check the FSCS website for the current limit, as it's reviewed from time to time.
What it covers
Deposits in current and savings accounts at authorised UK banks, building societies and credit unions. The FSCS also covers some investments, insurance and other products, with different limits.
E-money is different
Money held with an e-money or payment firm usually isn't covered by the FSCS for the firm failing. Instead, the firm must safeguard customer money by keeping it separate from its own, so it can be returned if the firm goes under.
Where SendPay fits
SendPay platforms give your customers GBP, EUR and USD accounts under your own brand, powered by licensed partners. How customer money is protected depends on the partner's licence.
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How much of my savings is protected?
See how much is within the FDIC, EU or FSCS limit.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.