What is the FSCS?

Funded by the financial services industry, the Financial Services Compensation Scheme (FSCS) is a guarantee for our customers that doesn’t cost you a penny. FSCS is the body that automatically protects your savings if the worst happens and Secure Trust Bank goes out of business.

What is an eligible deposit for FSCS protection?

Your deposits in your Secure Trust Bank accounts are protected up to a total of £85,000 by the FSCS and you’ll normally get your money back within seven working days. Importantly, the limit applies to individuals and companies, not accounts. This means that on joint accounts the limit applies to each named account holder. If you or the other account holder only have one Secure Trust Bank account, FSCS would protect up to £170,000 of savings in a joint account. Similarly, the £85,000 limit applies for each authorised firm. 

What is excluded?

A deposit is excluded from protection if:

(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.

(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.

(3) It is a deposit made by a depositor which is one of the following:

• credit institution
• financial institution
• investment firm
• insurance undertaking
• reinsurance undertaking
• collective investment undertaking
• pension or retirement fund⁵
• public authority, other than a small local authority.

(4) It is a deposit of a credit union to which the credit union itself is entitled.

(5) It is a deposit which can only be proven by a financial instrument⁶ unless it is a savings product which is evidenced by a certificate of      deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014.

(6) It is a deposit of a collective investment scheme which qualifies as a small company⁷.

(7) It is a deposit of an overseas financial services institution which qualifies as a small company⁷.

(8) It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company⁷ refer to the FSCS for further information on this category.

(9) It is not held by an establishment of a bank, building society or credit union in the UK or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.