ARE YOUR SAVINGS PROTECTED BY THE FSCS?
If you have savings or investments in any UK institution you may be aware of the Financial Services Compensation Scheme (FSCS). This is the Government-backed safety net for UK banks and financial institutions.
- What is the FSCS?
- Check your savings are protected
- How investments are protected by the FSCS
- Get your free investment checklist
What is the FSCS?
The FSCS is a Government-backed safety net which exists to protect individuals and small businesses if something serious happens to a financial institution like a bank or investment firm. Depending on the amount of savings, and where they are placed, up to £85,000 per person, per institution is safe.
How do you know your savings are protected by the FSCS?
The simplest way is to check out their online tool. This will quickly tell you whether your savings are protected by the FSCS. Just enter the amount of your savings and the institutions, and the tool will instantly tell you if your funds are protected.
If your savings are not protected by the FSCS, or you have too much money placed with one institution, this tool will tell you what you should do.
Are your investments protected by the FSCS?
Most regulated investments are protected by the FSCS, but how they are protected depends on the type of investment. Our article on how regulated investments are protected explains more. If your investment provider becomes insolvent you are protected up to £50,000 per person, per institution.
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