Find a safe savings account

Know your rights

Judging how safe your savings account is can be difficult. The idea of a major bank collapsing has gone from being unimaginable to being worryingly close to the truth, so it makes sense to know what protection is in place to keep your savings safe.

Be reassured

The Financial Services Compensation Scheme (FSCS) provides consumers with compensation in the event of a bank’s collapse. Under the FSCS, if a bank was to fail, savings of up to £50,000 or £100,000 for joint accounts would be protected.

Be aware that if you have more than one account containing £50,000 with a single bank or banking group you would only be entitled to total compensation of £50,000, unless each of the banks are individually authorised by the Financial Services Authority (FSA).

For more information see the FSA's website or the FSCS's website

Make the most of your money

Why not try our savings comparison service? It allows you to search for the savings account that’s right for you and complete the application process online.

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