FSCS protection for deposits and savings in bank, building society and credit union accounts will increase from £85,000 to £120,000

From 1 December 2025, FSCS protection for deposits and savings in bank, building society and credit union accounts will increase to £120,000. If a bank, building society, or credit union goes out of business, FSCS can compensate you up to the new limit of £120,000 per person, per UK-authorised firm. We also cover temporary high balances, which will also rise from December, of up to £1.4 million. These may occur from major life events, such as selling a home or receiving an inheritance. Temporary high balances are protected for up to six months.