Who Owns Your Bank?
But what does ‘per banking licence’ mean? Simply put, one banking licence can cover a number of different banks, building societies or brands. It’s important therefore to spread your cash across more than one provider, as it could mean some of your hard-earned money isn’t as safe as you think in the event of a future collapse.
With that in mind, below is a list of the biggest banks and building societies in the UK and all the brands which fall under their banking licence. That means if you hold more than £85,000 across different brands but under the same licence, you could be in a position to lose out should the worst happen.
HBOS (Halifax/Bank of Scotland group):
Bank of Scotland
Lloyds Banking Group*:
Cheltenham and Gloucester
*HBOS was acquired by Lloyds Bank, but both HBOS and Lloyds Banking Group have continued to operate under separate banking licences.
Barclays Direct (formerly ING Direct)
Royal Bank of Scotland (RBS)**:
Coutts & Co:
**NatWest, Ulster Bank and Coutts are all subsidiaries of RBS, but have their own separate banking licences. As such, someone with accounts in each of these banks would be covered for up to £85,000 in each bank.
The Co-operative Bank:
The Co-operative Bank
Bank of Ireland UK:
Bank of Ireland UK
Clydesdale Bank PLC:
Norwich and Peterborough BS
Stroud and Swindon BS
Chesham BS (renamed Skipton BS)
Scarborough BS (renamed Skipton BS)
So, what about banks outside the UK? Whilst most banks which accept British savings are not covered by the FSCS, some within the European Economic Area are covered by their home country’s compensation scheme through the ‘savings passport’ scheme. One of the most prominent examples is Triodos Bank in the Netherlands, which is covered by the Dutch equivalent of the FSCS up to €100,000 per person. There are also some international banks which are covered by the FSCS, including:
Axis Bank UK
ICICI Bank UK
State Bank of India UK
National Savings & Investments (NS&I) is also covered by the FSCS – but as it’s owned by the government, the expectation is that all deposits into NS&I (both up to and over £85,000) would be covered apart from in the most extreme financial circumstances.