When you save money in a UK bank, building society or credit union that’s authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), your money is protected by the Financial Services Compensation Scheme (FSCS).

• The FSCS protects up to £85,000 per person, per financial institution.
• For joint accounts, the protection doubles to £170,000.
• If your bank or building society fails, the FSCS will refund your protected savings automatically, usually within 7 days.
• Temporary high balances — for example, money from selling your home or receiving an inheritance — are covered up to £1 million for 6 months.

Why this matters: Many savers don’t realise that their deposits are protected. Understanding the FSCS rules can give you confidence when building an emergency fund or long-term savings plan. Choosing FSCS-protected accounts means your money is safeguarded even if your bank runs into trouble.