For joint accounts the £120,000 limit applies to each account holder.

If you have a temporary high balance, for example, the result of a house sale or receiving a large inheritance. FSCS protects these balances up to six months. The protection limit for qualifying temporary high balances will also increase to £1.4 million.

Alongside the increased deposit protection limit, FSCS is introducing a refreshed FSCS Protected badge. This badge makes it easier for you to identify financial providers who are protected under the Deposit Guarantee Scheme.

The updated badge will start appearing across branches, banking apps, and promotional materials by from the 1 December. Banks, building societies and credit unions have six months to update their disclosure materials until 31 May 2026.

What is FSCS?

FSCS protects customers when financial services firms fail. If a company goes bust and cannot pay claims, FSCS steps in to compensate you.

Set up by Parliament and funded by the financial services industry, FSCS is independent and free to use if you claim directly.

FSCS covers more than just banks, building societies and credit unions. It also protects:

• Investments
• Pensions
• Financial advice
• Insurance broking
• Mortgage advice and arranging
• Funeral plans

Compensation limits vary by product. Visit the FSCS website for more information.

The post FSCS protection limit increase to £120,000 appeared first on The Loughborough Building Society.

Please note that all telephone hours are the same as the open hours.

The post Christmas and New Year’s Open Hours 2025 appeared first on The Loughborough Building Society.