Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.
Please read the guide protecting your money(PDF, 1.75 MB) Opens in a new browser window. for further information or visit www.fscs.org.uk.Visit the Financial Services Compensation Scheme website.
You can also refer to our FSCS Information SheetView the FSCS Information Sheet (PDF, 119 kB) opens in a new browser window) for more details.
The Financial Services Compensation Scheme (FSCS) pays compensation to you if you lose money when a bank or other financial services provider goes out of business. It’s been around for a while, but has been strengthened since the financial crisis of 2007.
The FSCS is a last resort when a financial services company isn’t able to pay its own customers what they’re owed. If you have a complaint you should always try to resolve it with the company first, and then with the Financial Ombudsman.
Who can claim compensation from the FSCS?
When a financial institution fails, the FSCS compensates individual account holders and small businesses with a turnover of less than a certain limit. Larger businesses can’t claim.
How much compensation will the scheme pay?
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk. You can also visit our Financial Services Compensation Scheme page for more details.
What’s covered by the scheme?
The FSCS covers:
Not all European-based banks are regulated in the UK: a few use a “passport scheme” which allows them to be regulated in their home country. However, these banks are usually covered by a European guarantee scheme that compensates you for up to €100,000.
Lloyds Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority: all our savings accounts, current accounts and ISAs are covered by the FSCS.
What counts as “one bank”?
Each separate institution registered with the FCA has its own £85,000 limit on compensation. But not all banks have separate registrations or separate limits.
If two banks are owned by the same parent company, you may only have one compensation limit for all your savings with both banks. The FCA publishes a list of which companies own which banks at http://www.fca.org.uk/consumers/complaints-and-compensation/how-to-claim-compensation/banking-and-saving/banking-and-savings-brandsVisit the Financial Conduct Authority website..
If you have more than £85,000 in savings, you should consider splitting it between separate institutions.
The FSCS also covers mortgages, insurance and investments, but these products have different compensation limits. You get a separate limit for each type of product – so this is in addition to your allowance for any money you’ve lost from bank accounts.
These limits are:
If you lose money that was in a joint account, you’re each covered up to your personal claim limit of £85,000. This means there’s a total of £170,000 protection for the money in that account – but your personal limits are unchanged.
For example, if you also have a current account and savings account in your sole name with the same bank, you’re still only covered for a total of £85,000 across all three accounts.
The FSCS applies to companies regulated by the Financial Conduct Authority (FCA). If your savings are held offshore, they are usually not regulated by the FCA and so won't be covered by the FSCS. For example, savings held in the Isle of Man or outside Europe are unlikely to be covered by the scheme.
Ask your bank where your savings are held and if they are covered by the scheme.
Explore Lloyds Bank savings accounts.
See the FCA list of registered institutions.
Visit the FSCS website for more information on the scheme.