The Financial Services Compensation Scheme (FSCS), which is backed by government, protects consumer’s savings up to £85,000 in the unlikely event that anything should happen to their bank, building society or credit union.
To encourage people to check whether their savings are protected, the Financial Services Compensation Scheme (FSCS) have produced a simple new online tool. The online checker allows consumers to enter their names, banks, building societies and any credit unions where they have money. The tool will then inform them if their savings are protected by the FSCS. If someone has money in an institution which is not authorised by the Prudential Regulation Authority (PRA) or with more than £85,000 in a savings or deposit account, they will be informed how much of their money is at risk.
To access the online tool, click here.