FSCS Explained

What is the Financial Services Compensation Scheme?

The Financial Services Compensation Scheme (FSCS) is the UK’s deposit insurance and investors compensation scheme for customers of authorised financial services firms.


How FSCS protects your money

A guide to the Financial Services Compensation Scheme

FSCS guide - PDF

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.

How can I check my money is protected?

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/.