How does FSCS banking licence grouping work?
Where a link is marked *, it is a partner link — we receive commission at no extra cost to you. Links without a * earn us nothing. How we make money.
In short: FSCS protects up to £85,000 per person per banking licence — not per brand. Several familiar names can share one licence, so splitting money across them does not increase your cover. Check the FCA register to see which brands sit under the same authorisation.
Last reviewed:
Reviewed by Kaiser Khan
The Financial Services Compensation Scheme pays out up to £85,000 per eligible person if a UK-authorised bank, building society or credit union fails. The limit applies per banking licence, not per trading name. Several consumer-facing brands can operate under a single licence, meaning your combined balances across those brands count as one pot for FSCS purposes.
Before parking large sums, search the FCA Financial Services Register for each brand's authorisation number. If two accounts show the same firm reference number or sit under the same parent banking group licence, only £85,000 of your total across them is protected. Joint accounts receive up to £170,000 because each named holder has their own £85,000 limit.
Temporary high balances — for example after selling a home or receiving an inheritance — can qualify for extra FSCS cover for up to six months on amounts above £85,000, subject to rules on the source of the money. Spreading cash across genuinely separate licences is the simplest way to stay within protection limits without relying on temporary cover.
Primary source: fscs.org.uk/protected/banking
Part of our Banking & current accounts
This quick answer sits inside our wider banking & current accounts hub — with sub-guides, calculators and step-by-step explainers on the same topic.
Read the full banking & current accounts guide →