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What does FSCS actually protect?

The short answer

£120,000 per person, per authorised firm — and brands can share one licence.

Since 1 December 2025 the limit is £120,000, up from £85,000. It covers deposits if the firm fails, and it is per authorised firm rather than per account, so three accounts at one bank share one limit.

The trap is shared banking licences. Several familiar high-street brands sit under a single authorisation, so spreading money between two names can leave you with no more protection than you started with. Check the licence, not the logo.

NS&I is different again: it is backed by HM Treasury rather than the FSCS, so the ceiling does not apply at all.

The numbers
  • £120,000 per firm
  • Since 1 December 2025
  • NS&I · Treasury-backed
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General information about savings and tax, not advice about your situation. Rules and rates change — this page was checked on 26 Aug 2026.

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