Savings guides

FSCS protection: how the £120,000 limit works, and the shared-licence trap

Facts checked 30 October 2026

If a UK bank or building society fails, the Financial Services Compensation Scheme pays back eligible deposits up to £120,000 per person, per banking licence. The limit rose from £85,000 for failures on or after 1 December 2025.

Per licence, not per brand

Some banks run several brands under one licence. Money held with all of them counts towards one £120,000 limit. Every account page on Juno Hunt shows the licence behind the brand and names any brands that share it.

Joint accounts

Each holder of a joint account is covered for their share, so a joint account is covered up to £240,000.

Temporary high balances

Some life events, such as selling a home or receiving an inheritance or compensation, can be protected up to £1.4 million for six months from when the money arrives. Ask the FSCS or your bank whether yours qualifies.

Use the FSCS planner to add up your balances by licence. Nothing you enter leaves your device.

Sources

• FSCS: deposit limit increase
• Bank of England: what is the FSCS

This guide explains how things work. It isn't personal advice; if you're unsure what suits you, speak to a regulated financial adviser.