Scottish Widows Bank plc

Deposit Guarantee

Deposit Guarantee
Yes (up to 85,000 GBP per depositor)

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

Deposit Guarantee in Scottish Widows Bank plc

All credit institutions operating in the United Kingdom are obliged to participate in the United Kingdom's deposit guarantee scheme.

Scottish Widows Bank plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it. In the case of Scottish Widows Bank plc failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Maximum Protected Amount
85,000 GBP
Temporary High Balance
1,000,000 GBP
Eligible Depositors
private individuals
small companies
large companies with some exclusions
Non-Eligible Depositors
credit institutions
financial institutions
investment firms
insurance undertaking
reinsurance undertaking
pension funds
retirement funds
public authorities
Covered Accounts
current accounts
savings accounts
time deposit accounts
cash ISAs
savings bonds
Covered Currencies
all currencies, namely
  • GBP (Pound sterling)
  • foreign currencies
Paid In Currency
GBP

Financial Services Compensation Scheme (FSCS)

15 St Botolph Street, 10th Floor Beaufort House, London, EC3A 7QU, United Kingdom
+44 20 7741 4100

Further Information

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