FSCS Protection: Who Qualifies and What You Get
Learn how your business deposits are protected if your bank fails and how much you can claim back.
FSCS Protection is a safety net that protects the money held in your bank accounts if your financial institution fails.
Who it's for
This scheme is designed for small businesses and sole traders who hold deposits in banks located in the United Kingdom.
What you get
If your bank fails, you can receive compensation for your lost funds. You are protected for up to £85,000 per institution.
What it costs you
This protection is automatic. There is no fee to access this scheme and no specific action you need to take to be covered.
The catch to know
The protection limit applies to the entire banking group, not to each individual account you hold. If you have multiple accounts within the same banking group, the total amount covered across all of them cannot exceed the limit.
How to apply
- Confirm your bank is covered by the scheme.
- If your bank fails, wait for the official notification from the scheme.
- Follow the instructions provided by the scheme to claim your money.
- Visit the official portal for more details: https://www.fscs.org.uk/