The Financial Services Compensation Scheme (FSCS) is the UK’s deposit insurance and investors compensation scheme for customers of authorised financial services firms.
The FSCS compensates customers if a bank has stopped trading or doesn’t have enough funds to pay their customers.
The scheme protects all UK regulated current or savings accounts and cash ISAs in banks, building societies and credit unions up to the value of £85,000.
This means you’ll get £85,000 for each financial institution that you save with. Some financial institutions are made up of more than one bank.
Please be aware that FSCS protection applies across all accounts we hold for you, whether these were opened directly with SmartSave or via our distribution partners, up to a maximum of £85,000.
You can find out if your money is protected in two easy steps by using the FSCS Protection Checker at https://www.fscs.org.uk/check/check-your-money-is-protected/.