Savings tips from Expert

Five facts everyone should know

Before we get to the nitty-gritty, if you only remember five things about this, make it these:

1. 
   Every UK-REGULATED account gets £85,000 protection
   All UK-regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the Government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you'd get back up to £85,000 per person, per financial institution. The majority should get it within seven days.
2. Not all UK savings are UK-regulated
   Most banks, including foreign-owned ones such as Spain's Santander, are UK-regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
   This includes Triodos etc. See the foreign banks list for full details.
3. The amount's double in joint accounts
   Cash in joint accounts counts as half each, so together you've £170,000 protection.
   If you've an individual account with the same bank, half the joint savings count for your total exposure, and any amount over £85,000 isn't protected.For more info, see the joint accounts protection below.
4. An institution is NOT the same as a bank
   The protection's per institution, not account. So four accounts with one bank still only get £85,000. The definition of 'institution' depends on a bank's licence and giant banking conglomerates make it complex.
   For example, sister banks Halifax and Bank of Scotland's accounts are only covered up to £85k combined. RBS and NatWest are also sisters, but their £85k limits are SEPARATE. See the What Counts As A Bank? tool below.
5. Spread savings to keep 'em safe
   For perfect safety, save no more than £83,000 per institution (the extra £2,000 gives room for interest). Spreading can be worth it even if you've under £85,000; if your bank went bust, the money could be inaccessible for a spell. Using two accounts mitigates the risk.
   For a full list of top accounts, see our Best Buy Savings guide. Or for how to save safely, including dealing with very big amounts, see 100% Safety below.