The TL;DR
Yes, up to £120,000 per person, per banking licence, through the Financial Services Compensation Scheme (FSCS). The limit rose from £85,000 on 1 December 2025.
The detail
- Joint accounts are covered up to £240,000.
- Some brands share a licence — HSBC and First Direct, for example — so the limit covers both together.
- Temporary high balances from things like a house sale are covered up to £1.4 million for six months.
Your 5-minute move
Your 5-minute move
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Related questions
Receipts · checked 9 November 2026
- Bank of England — FSCS deposit limit increased to £120,000 — from 1 December 2025