Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

Getting help


Finding a savings account

Remember, you don’t have to save with the bank or building society that you have your current account with. Others may pay more interest. To help you choose, have a look at our Compare savings accounts section, which has information on hundreds of savings accounts.

Finding a credit union

Check with your local council or Citizens Advice Bureau. If you or your partner are in work, the trades union representative or the people handling the wages should know of any credit union covering your industry – see our Credit unions printed guide – from Publications.

If things go wrong

Banks and building societies in the UK must be regulated by us to be able to take your money and hold it. We also regulate credit unions in England, Scotland and Wales. The Companies Registry in the Department of Enterprise, Trade and Investment regulates credit unions in Northern Ireland.

Banks and building society accounts

Most banks and building societies follow the voluntary Banking Code. This sets out standards for dealing fairly with you and giving you the information you need to choose and run your accounts. You can pick up a copy of the Code from any branch. Alternatively you can get a copy from the British Bankers' Association (BBA), Building Societies Association (BSA) or Banking Code Standards Board (BCSB) websites.

If I have a complaint

Banks, building societies and credit unions must help if you want to make a complaint by having internal complaint procedures and belonging to an ombudsman scheme. For more information see Making a complaint

If a bank, building society or credit union which is covered by the FSCS goes out of business

The Financial Services Compensation Scheme (FSCS) can pay compensation for financial loss of up to £35,000 for deposit claims (which is 100% of the first £35,000 of your loss). But bear in mind that if you owe money to the failed firm (for example, loans, mortgage or credit card debts), this is taken into account before any compensation is paid.

If you hold multiple accounts in banks that are part of a larger group the following applies:

  • If each of the banks is separately authorised by the Financial Services Authority FSCS would pay compensation up to the limit of £35,000 per person, per authorised institution.
  • If each of the banks is not separately authorised but is covered by the parent company's authorisation FSCS would pay compensation up to the limit of £35,000 once, irrespective of how many different institutions a person held accounts with.

If you have more than a total of £35,000 deposited with a particular bank, building society or credit union, then you will get £35,000 compensation from the FSCS, provided you meet all the qualifying conditions.

You may also receive a further payment, or payments, of your share of any money left in the failed firm. It is not possible to say in advance how much this payment will be, or when you will receive it. This will depend on how much money was left in the firm, how that money is allocated, and how long it takes to sort out the firm's affairs. Further details of how this would work for UK banks provided in our Feedback statement (PDF).

We are considering making changes to the FSCS rules about deposits, including the possibility of raising the limit to £50,000. But for the moment, the limit remains at £35,000.

More information

  • The joint consultation on our proposals – Financial stability and depositor protection (HM Treasury website).
  • For more general information about compensation and FSCS visit their website – see Frequently asked questions about FSCS.
  • If you have a question about how a bank or building society is authorised – please contact our Consumer Helpline. See Contact us.
  • For complaints and compensation arrangements for credit unions in Northern Ireland check with the Companies Registry. See related

Firms not based in the UK

By law, most financial services firms must get our authorisation before they can do business in the UK. Our Register has information on all authorised firms currently doing business in the UK. The Register includes firms that are UK authorised as well as those authorised in another European Economic Area (EEA) state that also conduct business in the UK.

If you are considering or currently doing business with a firm authorised in another EEA state you should ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm.

If you do business with a UK branch of a bank authorised in another member state the compensation arrangements will not be the same as FSA-authorised banks based in the UK. The FSCS website has more information about this – see Related links.

Certain EEA firms have chosen to 'top up' into the FSCS. For further information on this and to determine if your firm has 'topped up' please see to the FSCS website.

Other savings schemes

Christmas hamper schemes and other Christmas savings schemes and clubs are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme. For information about these schemes get the OFT's Save Xmas – a quick guide to paying for Christmas leaflet.