Protecting your savings with the Financial Services Compensation Scheme
What is the Financial Services Compensation Scheme?
The Financial Services Compensation Scheme (FSCS) is an independent service that’s funded by the UK’s financial services industry. It provides protection for eligible deposits that may have been lost when an authorised bank or financial services provider has gone out of business and can no longer return their savings.
- The maximum amount of compensation you can claim from the FSCS is equal to the amount you saved, up to £120,000.
- The protection limit is shared among all of the brands receiving deposits against a single banking licence. For our customers, this means that any money saved with Chetwood Bank either directly or through one of our partners will share the £120,000 protection.
- The FSCS aims to return your protected savings within seven working days.
How FSCS protects your money
Download this handy guide for more information on who FSCS is and how they protect your money.
How can I check my money is protected?
Please be aware that there are some exclusions applied and so not all small businesses may be covered. For the full exclusion list, please see the FSCS information sheet.
Alternatively, you can find out if your money is protected in two easy steps by using the FSCS Protection Checker.
How can I check if the brands I save with share a banking licence?
You can check the brands that share a banking licence on the FCA Register. Chetwood Bank’s banking licence is held in the name of Chetwood Financial Limited.