Are you covered by the £85,000 compensation limit?
Our table exhibits which banking institutions and developing societies share a licence 
Photo: Nadia Isakova / Alamy
In January 2011 the Economic Solutions Compensation Scheme (FSCS) upped the savings compensation restrict from £50,000 to £85,000, which means anyone who has up to £85,000 (£170,000 if in a joint account) in a bank or constructing society is covered should the institution go bust.
In accordance to the FSCS, 98pc of the British population has fewer than £85,000 in financial savings, so need to be covered by the compensation safety net.
Nevertheless, some savers are unaware that if they have their savings split amongst a quantity of different banking institutions who share the exact same banking authorisation, their money could be in jeopardy if they hold over £85,000 amongst these financial institution accounts.
For illustration, Halifax, AA, Aviva, Financial institution of Scotland, BM Financial savings (Birmingham Midshires Building Society), Intelligent Finance, SAGA, and St James’s Area all share the identical banking licence.
So, if a saver held £70,000 in Halifax and £20,000 in Bank of Scotland, £5,000 is not covered and would not be paid out ought to the banks collapse.
Our table beneath illustrates which banks and creating societies share a banking authorisation, so you can see if you are totally protected. Use the search instrument to very easily find your provider.
Datatable: FSCS Licence info
The FSCS says if a financial institution or creating society goes bust, savers will get compensation within 7 days.
>> Money deposits are protected. What about investments?