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Bank Accounts Latest News List of banks by Institution - how to protect your money List of banks by Institution - how to protect your money
A list of banks all offering compensation schemes to help you keep your money safe
All UK deposits are covered by the Financial Services Compensation Scheme (FSCS), unless the banks country of origin offers a higher level of compensation than that offered by the UK scheme, in which case an FSCS membership is not permitted.The FSCS is set up by financial bodies and regulated by the Financial Services Authority (FSA). This scheme guarantees that savers will get some of their money back in the event of a bank collapsing.
It is important to remember that many of the banks you may think are UK owned, are infact owned by other countries, and may run a separate compensation scheme with different levels of compensation, so you must check out the level of protection before investing large deposits with any bank. For example, ING Direct is owned by the Netherlands, which is covered by a scheme that offers protection on the first €100,000 on its accounts, while the Bank of Cyprus will only protect the first €20,000.
However, non-uk banks offering separate compensation schemes are generally backed by the UK's FSCS, so the remainder of the amount up to £85,000 (if applicable) would be covered.
This means that if the Bank of Cyprus were to fail, UK customers could claim from the Central Bank of Cyprus Deposit Protection Scheme for up to 90% of their deposit to a maximum of €20,000. The remainder of their deposit up to £85,000 could then be claimed from the UK's FSCS. Neither scheme is responsible for covering any shortfall in the other scheme.
Independent Banks:
The banks listed in the table below each count as individual institutions as far as compensation goes, therefore offering the full level of compensation provided by their scheme, so if your cash is spread across multiple bank accounts shown in the table, you can effectively protect all of your savings.
|
AK Bank (Passport) |
Allied Irish |
Anglo Irish (Passport) |
|
Bank of Cyprus (Passport) |
Buckinghamshire BS |
Cambridge BS |
|
Cater Allen |
Chesham BS |
Citibank |
|
Close Brothers |
Coutts |
Coventry BS |
|
Credit Unions (all separate) |
Cumberland BS |
Dunbar Bank |
|
Ecology BS |
Egg |
First Trust |
|
Firstsave |
Furness BS |
Hanley BS |
|
Harpenden BS |
Hinkley and Rugby BS |
ICICI |
|
Investec |
Ipswich BS |
Julian Hodge Bank |
|
Kent Reliance BS |
Leeds BS |
Leek BS |
|
Liverpool Victoria |
London Scottish Bank |
Loughborough BS |
|
Manchester BS |
Mansfield BS |
Market Harborough BS |
|
Marsden BS |
Melton Mowbray BS |
Monmouthshire BS |
|
Norwich & Peterborough BS |
National Counties BS |
Natwest (separate to RBS) |
|
Newbury BS |
Northern Bank |
Nottingham BS |
|
Principality BS |
Progressive BS |
Raphael Bank |
|
Saffron BS |
Sainsburys |
Scottish BS |
|
Scottish Widows |
Stroud & Swindon BS |
Teachers BS |
|
Tesco Personal Finance |
Triodos (Passport) |
Ulster Bank |
|
United Trust |
West Bromwich |
Whiteaway Laidlaw |
Passport Scheme Banks marked 'Passport Scheme' offer different levels of protection as they are European-owned. For more on this see the Non-UK Compensation Schemes section below.
The table below shows which banks/building societies fall under the same institution. The banks are also numbered 1-15 to aid colour blind readers. If you have multiple savings accounts that fall within the same colour/number, you will only be covered for up to the level of compensation offered for all accounts. You can still hold multiple accounts with different colours, the key is to mix them, spreading your money across several savings accounts.
|
Direct Line - 1 |
Royal Bank of Scotland - 1 |
Virgin Money - 1 |
|
Barclays - 2 |
Woolwich - 2 |
Standard Life - 2 |
|
The Co-op - 3 |
Britannia BS - 3 |
Smile - 3 |
|
AA - 4 |
Bank of Scotland - 4 |
Birmingham Midshires - 4 |
|
Halifax - 4 |
Intelligent Finance - 4 |
Saga - 4 |
|
Abbey - 5 |
Bradford & Bingley -5 |
Asda - 5 |
|
Cahoot - 5 |
Alliance & Leicester-5 |
Santander - 5 |
|
Kaupthing Edge – 6 (Passport) |
ING Direct – 6 (Passport) |
Heritable Bank - 6 |
|
Yorkshire BS - 7 |
Barnsley BS - 7 |
Chelsea BS - 7 |
|
Skipton BS - 8 |
Scarborough BS - 8 |
Capital One/Castle Money - 8 |
|
Nationwide - 9 |
Cheshire BS - 9 |
Derbyshire BS - 9 |
|
Dunfermline BS - 9 |
|
|
|
Aldermore - 10 |
Ruffler Bank - 10 |
|
|
BMW Savings - 11 |
Newcastle BS - 11 |
|
|
Cheltenham & Gloucester - 12 |
Lloyds TSB - 12 |
|
|
Clydesdale Bank - 13 |
Yorkshire Bank - 13 |
|
|
Bank of Ireland-14 (Passport) |
Post Office-14 (Passport) |
|
|
First Direct - 15 |
HSBC - 15 |
|
HBOS and Lloyds
on 19 January 2009, Lloyds TSB Group plc was renamed as Lloyds Banking Group, after the acquisition of HBOS plc. The FSCS licences will remain the same, so are still treated as two are separate institutions, covering up to £85,000 across each.
However, you have to remember that the core parts of former HBOS (Halifax, Bank of Scotland, B'ham Midshires, Intelligent Finance, The AA and Saga) hold a single registration, so if you have multiple accounts across more than one of these providers, you will only be liable to receive £85,000 cover overall (£170,000 for joint accounts).
Non-UK compensation schemes
Below is a list of the level of compensation offered by non UK banks. These schemes work in much the same way as the UK schemes, whereby savers are only protected per institution. For example, accounts held across Abbey, Asda and Bradford & Bingley would only provide £85,000 compensation between them as they all fall under the Santander group.
|
Bank Name |
Level of compensation |
|
Abbey |
Covered by the UK's FSCS - £85,000 |
|
Alliance & Leicester |
Covered by the UK's FSCS - £85,000 |
|
Asda |
Covered by the UK's FSCS - £85,000 |
|
Bradford & Bingley |
Covered by the UK's FSCS - £85,000 |
|
Citibank |
Covered by the UK's FSCS - £85,000 |
|
Clydesdale Bank |
Covered by the UK's FSCS - £85,000 |
|
Egg |
Covered by the UK's FSCS - £85,000 |
|
Firstsave |
Covered by the UK's FSCS - £85,000 |
|
ICICI |
Covered by the UK's FSCS - £85,000 |
|
Yorkshire Bank |
Covered by the UK's FSCS - £85,000 |
|
Akbank |
€100,000 (Netherlands) |
|
Anglo-Irish Bank |
All deposits until September 2010 (Ireland) |
|
Bank of Cyprus |
€20,000 (Cyprus) |
|
Bank of Ireland |
All deposits until Sep 2010 (Ireland) |
|
ING Direct |
€100,000 (Netherlands) |
|
Kaupthing Edge - Now part of ING Direct |
€100,000 (Netherlands) |
|
Post Office |
All deposits until Sep 2010 (Ireland) |
|
Triodos Bank |
€100,000 (Netherlands) |
Disclaimer: This information was updated on the 09 September 2010. At Which4u we do our best to keep up with market changes, however the sheer pace of change in ownership of banks in the wake of the financial crisis means that our information in some cases may be slightly out of date. We therefore do not take any responsibility for this information being incorrect, but will continue to monitor the situation daily to make sure that this is avoided where possible.
Written by Sam Gooch
Comments (9)
-
Richard Chmiel 2008-11-25 22:28:47Is Northen Roch protected 100% for new depositors on savings? Why? There are rumours that the bank is capitalised by the Government and has the 100% guarantee....
Regards -
David Wakefield 2008-12-11 10:27:22Northern Rock is now a nationalised bank which means it is backed by the government. This means that they will guarantee the full amount invested with them, rather than up to the £50,000 limit covered by most other UK banks.
-
keith beales 2009-01-10 14:06:36since 28 nov anglo irish is protected only by the irish government?
not as your table shows! -
Carole Murphy 2009-01-11 15:36:16Is Anglo Irish protected in the UK? I gather it has withdrawn from the Uk scheme as the compensation in Ireland is higher and the EU don't like it...? Should I take my money out? or top up the account?
-
Carole Murphy 2009-01-11 15:38:27This is a brilliant site, gathering all the up to date info on the relationships of all the financial institutions to each other. Thank you Which4U!
-
Sam @ Which4u 2009-01-12 11:15:13Keith - Anglo Irish is covered by the FSA and the Irish regulator. This means that if there was a problem retrieving your money from the bank, you would still be covered for upto £50,000 by the UK's FSA - Much like the recent activity around the Icelandic bank-Icesave
-
Peter @ Which4u 2009-01-12 14:36:37Under European law, banks which have a greater level of protection in their state of incorporation are not permitted to remain a member of the UK Scheme. Consequently, Anglo Irish Bank (offering €100,000 through The Irish Deposit Protection Scheme) ceased to be a member of the UK Scheme on 28 November 2008.
-
MM 2009-01-29 17:39:53Really useful charts but couldn't find Tesco Personal Finance, did you miss it off?
-
Sam @ Which4u 2009-01-30 09:13:39MM,
I've just added Tesco into the table.
Tesco Personal Finance is separately authorised under the FSCS and therefore hold an exclusive compensation scheme that is not affected by accounts held with any other bank or institution. All accounts held with Tesco are protected for deposits of up to £50,000 - £100,000 per joint account.
Top 5 Current Accounts
|
Provider |
Min Bal |
O/D Rate |
O/D Buffer |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
|
5.00%
|
£1,000
|
0%
|
£2,000
|
||
|
|
|||||
|
0%
|
£1
|
No Offer
|
No Offer
|
||
 |
|||||
|
0%
|
£1
|
No Offer
|
£100
|
||
 |
|||||
|
0%
|
£1
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
|
3%
|
£500
|
No Offer
N/A
|
No Offer
|
||
Nationwide Flex-Direct Current Account
- Get 5.00% AER (4.89% gross p.a.) for in-credit balances up to £2,500 (fixed for the first 12 months)
- You if you pay in at least £1,000 per month
- Fee-free overdraft for 12 months (subject to approval)
- Access to special rates and exclusive products
- Online and mobile banking
- Telephone banking and free text alerts
- No monthly fee
- UK call centres
Nationwide Current Account
- VISA debit card with every account
- Free travel insurance: multi-trip European cover worth up to £70* (conditions apply)
- Manage your account online with an excellent internet banking service.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
Natwest Select
- Free day-to-day banking without subscription charges
- Overdraft available subject to eligibility, giving your finances some breathing space
- Chequebook available subject to eligibility; handy when cash or cards aren't convenient
- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
Barclays Bank Account
- Create your own personalised Current Account with the new Barclays Features Store - Customise your account with a range of Packs that cover gadgets, home appliances, travel and more. Simply add the Features that you want and leave out the ones that you don't. Terms, conditions and exclusions apply - read the policy documents so you know whats covered and whats not.
- Free Text Alerts to help manage your money
- Personalise your debit card for free with your favourite photo (image guidelines apply)
- Contactless debit card (subject to status) allows you to make fast and secure payments for items that are priced £20 or less.
- Online, Telephone, Mobile and Branch
- No minimum funding required
- Barclays Pingit - the quick and easy way to send or receive money with just your mobile
- Free switching service available
Santander 123 Current Account
- The New 123 Current Account pays cashback on household direct debits
- 1% cashback on water and council tax
- 2% cashback on electricity and gas
- 3% cashback on mobile, home phone, broadband and paid for TV packages
- New 123 Current Account pays also pays in-credit interest
- 1% AER on the entire balance, once the customer’s balance is £1,000 or over
- 2% AER on the entire balance, once the customer’s balance is £2,000 or over
- 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)
- You are required to pay £2 a month (equates to 6p per day)
- Your overdraft fee will be 19.9% EAR plus an unauthorised fee of £1 per day.
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- You must setup a minimum of 2 active direct debits
- You must deposit at least £500 per month
- This account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)
RBS Select
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
Natwest Select Platinum Current Account
- Pay £16.00 per month and get the following benefits:
- Green Flag car breakdown cover - even on your driveway
- Mobile phone insurance – including all smartphones
- Annual worldwide travel insurance - Members and their partners aged 70 years and over must pay an additional annual premium of £50
- Travel benefits – discounts on holidays, flights and hotels
Nationwide FlexPlus Current Account
- £10 per month gets you the following benefits:
- Get 3.00% variable on balances up to £2,500 (no interest for balances £2.5k+)
- 3 month Fee Free overdraft
- Commission Free Cash Withdrawals Abroad
- VISA debit card with every account
- Travel Insurance - Worldwide travel insurance, including winter sports, golf, business and wedding cover for you and your family.
- Mobile Phone Insurance - Worldwide cover if your phone's lost, stolen, or damaged.
- Breakdown Cover - UK & European breakdown cover for you in any private car and also anyone driving your car with your permission.
- Extended Warranty - Get an extra 12 months warranty for eligible household electrical goods.
- Identity Theft - Get help and support if your personal data's compromised or your cards are lost or stolen.
Top 5 Savings Accounts
|
Provider |
Notice |
Interest Paid |
Min Bal |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
|
|
|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
1.00%
|
Instant
|
Annually
|
£1,000
|
||
 |
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
|
|
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
Natwest e-Savings
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
RBS Direct Saver
- you will earn the following rate of interest: 1% AER/Gross (variable)
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows Direct Transfer Account
- Minimum balance £1000
- Deposits can be made by internet banking, telephone or post
- No notice period or penalties for withdrawals
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Account
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Cash ISA
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Top 5 Fixed Rate Bonds
|
Provider |
AER |
Duration |
Min Bal |
Apply |
|---|---|---|---|---|
| View Full Table > | ||||
 |
||||
|
1.40%
|
Fixed term for 1 year
|
£10,000
|
||
|
|
||||
|
1.50%
|
Fixed term for 1 year
|
£2,000
|
||
 |
||||
|
2.31%
|
Fixed term for 2 years
|
£1,000
|
||
|
|
||||
|
2.46%
|
Fixed term for 3 years
|
£1,000
|
||
|
|
||||
|
2.56%
|
Fixed term for 5 years
|
£1,000
|
||
Lloyds TSB International 1 Year Bond
- Save for 1 year
- Fixed interest rates of 2.75% AER/Gross*.
- Save from £10,000 up to £5,000,000
- No withdrawals are allowed.
- Rate is fixed for the term of the deposit.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
NatWest 1 Year Fixed Rate Bond (internet only)
- Online applications only
- 1.50% AER/Gross p.a. (fixed) - Interest rate fixed until 18 June 2014
- Existing Customers only - You will need to have a NatWest current account or instant access savings account (excluding all cash ISA accounts) from which to pay into your bond and for the payment of interest
- Easy application - as the application can be completed quickly online when you have a nominated account. Single account application only
- Save from £2,000- the maximum is £1,000,000
- Simple- Fixed Rate Bond: Internet Only Edition has one rate of interest which starts once the bond account is opened and your funds are in
- If you change your mind about opening your Fixed Rate Bond you have a 14-day period from the date your Bond has been opened, in which to contact us to cancel your Bond without incurring an interest charge
- No partial withdrawals or additional deposits are allowed - you may close your Fixed Rate Bond prior to the maturity date by providing a written instruction to your branch, and giving 35 days’ notice. There will be an interest charge equivalent to 90 days' gross interest
- You may close your Fixed Rate Bond in the event of death or involuntary redundancy. In those circumstances, an interest charge will not apply. 35 days notice will still be required
- At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
- Limited offer - may be withdrawn at anytime
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 2 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for TWO YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 3 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for THREE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 5 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for FIVE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows 3 Year Fixed Rate Bond
- Minimum deposit £10,000
- No partial withdrawals are permitted throughout the 3 year term
- Interest paid monthly, quarterly or annually
- Application deadline: 15th February 2013 (We need to receive your application one working day before this date).
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 1 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Interest payable monthly or on maturity
- Penalty for early withdrawal
- Available as sole or joint accounts
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 2 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 3 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Aldermore 1 Year Fixed Rate Bond
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1,000
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
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