With the festive season behind us, it’s a good time to check your savings are fully protected. From 1 December 2025, the Financial Services Compensation Scheme (FSCS) deposit protection limit has increased to £120,000 per eligible person, per authorised firm. 

This means any money you have in a UK-authorised bank, building society, or credit union is now protected up to the new limit, if the institution goes out of business. 

Temporary high balances – for example, from selling a home or receiving an inheritance, are also covered, with protection up to £1.4 million for six months. 

Key points to remember: 

– The Prudential Regulation Authority (PRA) reviews the FSCS limit at least every five years. Between 1 January 2017 and 30 November 2025, the limit was £85,000. 

– If you have accounts across multiple banks in the same banking group, FSCS treats them as one bank. The £120,000 limit applies to the total across all accounts, not individually. 

Joint account holders will receive double the protection, up to £240,000. 

Internet link: FSCS What We Cover