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Changes to FSCS cover

FSCS deposit protection limit

Your savings are protected by the FSCS – the UK’s independent deposit protection scheme. Find out about the most recent changes to your cover.  

What is it and what’s changed?

The Financial Services Compensation Scheme (FSCS) can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme. 

  • From 30 January 2017, the FSCS will protect your eligible deposits with Barclays Bank UK PLC up to a total of £85,000
  • Any deposits you have above £85,000 are unlikely to be covered
  • For further details, please download our FSCS information sheet

This limit is applied to the total of any deposits you have with the following:

  • Barclays
  • Barclays Business Banking
  • Barclays Premier Banking
  • Barclays Smart Investor
  • Barclays Wealth Management

Any total deposits you hold above the limit between these brands are unlikely to be covered. 

 

Additional cover information

The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme. 

  • General limit of protection

    Your eligible deposits held at the same bank, building society or credit union are added up in order to determine the coverage level.

    From 30 January 2017, the FSCS will protect most eligible deposits up to a total of £85,000. Any deposits you have above the limit are unlikely to be covered.

  • Limit of protection for joint accounts

    The deposit protection limit relates to the combined amount in all the eligible depositors’ accounts with the bank, including their share of any joint account, and not to each separate account.

    For joint accounts each account holder is treated as having a claim in respect of their share.

  • Temporary high balances

    In some cases, an eligible deposit that’s categorised as a ‘temporary high balance’ (for example, as a result of a house sale, inheritance, or insurance payment) may be protected to a higher limit for 6 months after the amount has been credited to your account, or from the moment when such eligible deposits become legally transferable. This applies from 3 July 2015. The FSCS website has further details.

  • Exclusions from protection

    A deposit is excluded from protection if

    1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, please contact your bank, building society or credit union
    2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering
    3. It is a deposit made by a depositor that is one of the following
    • credit institution
    • financial institution
    • investment firm
    • insurance undertaking
    • reinsurance undertaking
    • collective investment undertaking
    • pension or retirement fund (unless they are deposits by personal pension schemes, stakeholder pension schemes, and occupational pension schemes of micro, small and medium sized enterprises)
    • public authority, other than a small local authority

    From 3 July 2015, the following deposits, categories of deposits or other instruments are no longer protected

    • deposits of a credit union to which the credit union itself is entitled
    • deposits which can only be proven by a financial instrument (listed in section C of Annex 1 of Directive 2014/65/EU; for example, transferable securities, money market instruments, units in collective investment undertakings, options, futures, swaps, forward rate agreements and other derivative agreements and contracts with differences) unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014)
    • deposits of a collective investment scheme which qualifies as a small company (under the Companies Act 1985 or Companies Act 2006) 
    • deposits of an overseas financial services institution which qualifies as a small company (under the Companies Act 1985 or Companies Act 2006)
    • deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company (under the Companies Act 1985 or Companies Act 2006) – refer to the FSCS for further information on this category

     

     

  • Reimbursement

    The FSCS aims to repay your eligible deposits (up to the compensation limit) within 7 days, and is required to do so within 20 working days – with some exceptions.

  • Contact FSCS

    If you have any questions regarding the change in the compensation limit, please contact FSCS.

    Post

    Financial Services Compensation Scheme
    10th Floor Beaufort House
    15 St. Botolph Street
    London
    EC3A 7QU

    Phone

    0800 678 1100

    Email

    ict@fscs.org.uk

    Website

    fscs.org.uk