More Information

Scheme Responsible for Protecting Your Eligible Deposit

Your eligible deposit is covered by a statutory deposit guarantee scheme. In the event of the insolvency of your Bank, building society or Credit Union, your eligible deposits would be reimbursed up to £85,000 by the Deposit Guarantee Scheme.

General limit of protection

If a covered deposit is not available because a bank, building society or credit union is unable to meet its Financial obligations, depositors are reimbursed by a deposit guarantee scheme. This reimbursement covers a maximum of £85,000 per bank, building society or credit union. This means that all eligible deposits with the same bank, building society or credit union are added together to determine the level of coverage. If, for example, a depositor has a Savings account of £80,000 and a checking account of £20,000, they will only be refunded £85,000.

This method will also be applied if a bank, building society or credit union operates under different trade names. Savings UK Ltd also operates as “STOCKEXCHANGE.EU” and “eSavings UK Ltd”.

This means that all qualifying deposits with one or more of these trading names are covered in total up to £85,000.

In some cases, qualifying deposits categorized as ‘temporary high balances’ are protected above £85,000 for six months after the amount has been credited or from the time such qualifying deposits become legally transferable. These are eligible deposits linked to certain events, including:

(a) certain transactions relating to the present or future residence or accommodation of the sole or principal depositor;

(b) death or the applicant’s marriage or civil partnership, divorce, Retirement, dismissal, dismissal or disability;

(c) payment to the Depositor of insurance benefits or compensation for criminal injury or wrongful conviction.

More information can be obtained by contacting us.

Limit of protection for joint accounts

In the case of joint accounts, the limit of £85,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a partnership, association or similar grouping, without Legal personality, are aggregated and treated as if they were made by a single depositor for the purpose of calculating the £85,000 limit.

Refund

The responsible deposit guarantee scheme is the financial services compensation scheme. It will refund your eligible deposits (up to £85,000) within 20 working days until December 31, 2018; within 15 working days from January 1, 2019 to December 31, 2020; within ten working days from January 1, 2021 to December 31, 2023; and within seven working days from January 1, 2024, with specific exceptions.

If the FSCS cannot make the refundable amount available within seven working days, it will ensure, from June 1, 2016 to December 31, 2023, that you have access to an appropriate amount of your covered deposits to cover the cost of the life (in the case of a filer who is an individual) or to cover necessary business or operating expenses (in the case of a filer who is not an individual or large Business) within five business days following a request.

If you have not been reimbursed within these deadlines, you must contact the Deposit Guarantee System because the deadline for requesting reimbursement may be time-barred after a certain period.

Other important information

In general, all retail and corporate depositors are covered by deposit guarantee schemes. Exceptions for certain deposits are indicated on the website of the responsible deposit guarantee scheme. Your bank, building society or credit union will also inform you of any exclusions of protection that may apply. If the deposits are eligible, the Bank, building society or Credit union must also confirm this on the account statement.

Exclusions List

(of Financial Services Compensation Scheme)

A deposit is excluded from protection if:

(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For more information, contact your bank, building society or credit union.

(2) The deposit results from operations that have been the subject of a criminal conviction for money laundering.

(3) This is a deposit made by a depositor who is one of the following:

• Credit institution
• Financial institution
• investment firm
• insurance company
• reinsurance company
• collective investment scheme
• Pension or retirement funds (except deposits for individual pension plan, stakeholder pension plans and occupational pension plans of micro, small and medium enterprises)
• public authority, other than a small local authority.