The FSCS can compensate depositors if a bank is unable to meet its financial obligations. Most individual depositors are covered by the scheme.
An eligible depositor may claim up to £85,000.00. For joint accounts each account holder is deemed to have a claim in respect of their share, so for a joint account held by two eligible depositors a maximum of £85,000.00 each could be claimed making a total of £170,000.00. The limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account.
The guidelines for charities are complex: please refer to the Charities Commission for clarification.
For further information on this please call us on 020 726 87200, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100.