Extra Peace Of Mind With Our Savings Account

Bank of Scotland plc is a member of the Financial Services Compensation Scheme (FSCS), which provides protection to compensate customers if authorised firms cannot meet claims made against them.

The table below shows you exactly what cover you can expect from the FSCS. 

Product FSCS protection limits Example

What is covered
Savings account in sole name

Personal limit of up to £85,000

Mr Smith has £50,000 in one Bank of Scotland savings account and £35,000 in another Bank of Scotland savings account

 £85,000 is the maximum level of cover, so in this example all £85,000 is covered
Savings account in joint name Personal limit of up to £85,000 for each of the named account holders Mr and Mrs Smith have £120,000 in a joint Bank of Scotland account(s) Each account holder is covered up to £85,000, therefore the full £120,000 is covered as it is less than combined £170,000 cover
Savings account in joint names plus saving(s) account in sole name Personal limit of up to £85,000 for each of the named account holders Mr and Mrs Smith have £160,000 in a joint Bank of Scotland account. Mr Smith also has £5,000 in a sole named account with Bank of Scotland and Mrs Smith has £15,000 in a sole named account with Bank of Scotland

Each account holder is covered up to £85,000 each. The joint account is fully covered (£80,000 each, as the FSCS assumes money in a joint account is owned equally), so both customers have £5,000 of cover remaining; Mr Smith is therefore fully covered, Mrs Smith is not covered for £10,000

Investments

E.g. Stocks and shares

ISA's, Child Trust Fund

For firms in default before 1 January 2010; £48,000 per person (100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per person per firm)

For firms in default on or after 1 January 2010; £50,000 per person per firm

 Mr Smith has £50,000 in a Bank of Scotland stocks and shares ISA

For firms in default before 1 January 2010; £48,000 is covered

For firms in default on or after 1 January 2010; £50,000 is covered

Long term insurance

E.g. Stakeholder pension, Guaranteed Investment plan

For firms in default before 1 January 2010; 100% of the first £2,000 and 90% of the remainder of the claim

For firms in default on or after 1 January 2010; 90% of the claim, without an upper limit

 Mr Smith has £30,000 in a Bank of Scotland Stakeholder Pension

For firms in default before 1 January 2010; £27,200 (100% of first £2,000 and 90% of the next £28,000)

For firms in default on or after 1 January 2010; £27,000 (90% of the claim, without an upper limit)