How safe is your cash?
A guide to the Financial Services Compensation Scheme (FSCS)
"The FSCS offers savers valuable protection but you will need to tread carefully to make sure you are fully covered, should your provider go out of business."
The banking crisis of 2008 brought into focus issues around the safety of holding larger sums of money with banks and building societies and savers started to question exactly what would happen if their provider went out of business.
The Financial Services Compensation Scheme (FSCS) was set up to compensate customers if a firm has stopped trading or is unable to pay claims made against it.
But there are things to consider - and even to watch out for - to ensure you’re fully covered, should the worst happen.
Related guides and factsheets
Which type of savings account is right for you?
Protection for your savings of up to £1m for six months
A guide to help you cut through the complexities and maximise the benefits of using ISAs
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Dan Darragh, Research & Development Manager
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