The Financial Services Compensation Scheme (FSCS) protects eligible deposits if an authorised firm fails. For many everyday UK savings and fixed-rate bonds, that cover is a key reason people feel comfortable using banks and building societies.
Eligible deposits are generally covered up to £120,000 per person, per authorised firm. Joint accounts are often covered up to £240,000. Always check the current rules for your situation.
Brand names can share one limit
Two different app names do not always mean two separate FSCS limits. What matters is the authorised firm named in the paperwork.
Some brands serving UK customers place money under another country’s protection scheme. That is not automatically a problem, but you should know which scheme applies before you transfer a large sum — especially around a house sale.
Protection is not the same as a good product
FSCS cover does not remove an early-exit charge on a fixed bond, and it does not mean your savings will keep up with rising prices. Among protected options, still compare rate, access, and term.