What FSCS typically covers
Eligible deposits with UK-authorised banks and building societies are generally protected up to £120,000 per person, per authorised firm under current FSCS rules. The scheme is designed for firm failure — not for investment losses.
Why “per firm” matters
Brands that share a banking licence usually share one FSCS limit. Spreading cash across two brands under the same authorisation may not double your cover. Check the Financial Services Register and each firm’s FSCS information before parking large balances.
For savings rate shopping, pair this with our [better savings rates](/guides/saving-money/high-interest-savings-tips) guide.