Financial Services Compensation Scheme
Important information about compensation arrangements
Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.
Useful information about the FSCS
What is the FSCS?
The scheme pays compensation if a firm is unable, or likely to be unable, to pay claims against it. The scheme is an independent body and it's free to consumers.
Maximum levels of compensation
Each person is covered for up to £75,000 of deposits (total across all accounts) with each firm. If you have a joint account, you're covered for up to £150,000.
Tesco Bank is covered separately under the scheme
Tesco Bank is separately authorised and covered by the guarantee. Any customer with deposits would get back £75,000. The guarantee applies to each institution separately authorised by the FCA (Financial Conduct Authority).
Joint account holders can claim separately
Joint account holders are each entitled to claim compensation. For joint accounts the balance is owned by both account holders equally and half of the balance will form part of each party’s FSCS allowance.
Further information about the FSCS
This page is a summary of the scheme.
For more information and full details of the limitations:
Email the FSCS:
Or alternatively you can call 0800 678 1100.