What happens if the bank I have my savings with goes bankrupt?
For deposit business carried out after 31 October 2008, money deposited with one deposit-taking institution is protected up to a maximum of £50,000.
If you have more money than this that you wish to keep on deposit and if you want to make sure all of your money is protected, you should be careful to ensure you 'spread you money around' and have no more than £50,000 with any one institution.
If you have more than £50,000 to deposit, you should make sure that the institutions you deposit your money with are not connected in some way, or you could find that your money is not fully protected.
For more information, see The Financial Services Compensation Scheme.
