FSCS - Protecting your savings
Financial Services Compensation Scheme
Protecting your savings - important informationYour eligible deposits with The Swansea Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
Further information is available by visiting www.fscs.org.uk.
Swansea Building Society is a member of the Financial Services Compensation Scheme (FSCS), which was established under the Financial Services and Markets Act 2000 to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.
This means if you have savings with the Swansea Building Society with total balances of less than £85,000, you are fully protected. If you have savings above the £85,000 limit, only the first £85,000 is protected by the FSCS.
Frequently asked questions
Q - I have more than one account with Swansea Building Society, am I covered for £85,000 for each account and what about joint accounts?
A1 - No, you are covered up to £85,000 in total for all of your savings accounts within each financial institution, not for each account.
A2 - In the case of a joint account, FSCS will assume the money in that account is split equally between account holders. This means each account holder in a joint account will be eligible for compensation up to the maximum limit, which may cover both account holders up to £170,000 in total.
Q - What about FSCS payments in respect of deposits made through solicitors and other professionals
A - Subject to the compensation limit, the FSCS will generally cover client account arrangements (such as pooled accounts) which may be set up by solicitors and other professionals.The identities of the underlying clients and details of their respective entitlements to the deposit monies can be provided to the FSCS at the time a claim is made.If a solicitor is holding your money in a client account with a bank or building society that fails, then your claim is against the deposit-taker and you should ask the FSCS to deal with it.