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:

• The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements
• The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering
• 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 fund
    (Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.)
  • public authority, other than a small local authority