In today's fast-moving savings market, customers benefit from more choice than ever before. Traditional banks, building societies, specialist banks, newer challenger banks and app-based fintech providers all offer different ways to save - from flexible features to competitive rates.
But no matter where you choose to save, one thing matters above all else: How your money is protected.
- At Close Brothers Savings, your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) - the UK's deposit guarantee scheme - up to £120,000 per person.
Here's what that protection means and how it compares across different types of providers.
What is FSCS protection?
- The FSCS is an independent UK compensation scheme that protects customers if an authorised bank, building society or credit union fails.
- If that ever happens, the FSCS will automatically refund your eligible deposits up to £120,000 per person, per authorised banking licence, with no forms to complete and no need to make a claim.
- This makes FSCS one of the most important safeguards for savers.
Do all savings providers offer the same level of protection?
- All UK authorised banks are covered.
- This includes traditional high street banks, building societies and some specialist banks like us.
- Most challenger banks are covered.
- Many digital first challenger banks such as Monzo, Starling, Chase UK, Atom, and Tandem — operate as fully regulated UK banks. Any fully regulated UK bank is covered under the protection scheme.
- Some fintech platforms are not banks - and are not covered.
- Many popular money apps are e‑money institutions (EMIs), not banks. An EMI is a company licensed to hold your money electronically and let you make payments, but isn't allowed to take deposits like a bank. Because of that, they can’t offer FSCS protection.
- Instead, EMIs use “safeguarding” rules, which work differently and don’t guarantee your money back if the firm fails.
- Some fintech platforms offer FSCS protection through partner banks.
- Certain savings apps place your money with a partner bank. FSCS protection then comes from that bank, not the app itself.
- Keep in mind that the £120,000 FSCS limit covers all accounts with the same banking licence, no matter which app or brand you use to access them.
If FSCS protection is important to you, check your provider is a fully regulated UK bank.
How to check if you're fully protected:
To make sure you're covered:
- Look for the FSCS badge on a provider's website
- Check the firm's regulatory status on the FCA register
- Use the FSCS Protection Checker to confirm which banking licence your savings fall under.
Save with confidence
With FSCS protection up to £120,000 (on eligible deposits), competitive rates and backed by more than a century of banking experience, Close Brothers Savings provides a reliable home for your savings —whether you’re planning for the short term or looking ahead to ISA season. To check your eligibility, please see our FSCS exclusions list.
