Important info about our savings accounts
Tesco Bank is a trading name of Tesco Personal Finance plc, part of Tesco plc.
Registered in Scotland No. SC173199.
22 Haymarket Yards
Financial Services Compensation Scheme
Important information about compensation arrangements
Your eligible deposits with Tesco Bank 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.
For further information read Protecting your money - A guide to how the FSCS protects your money [PDF, 571KB] or visit www.fscs.org.uk.
Frequently asked questions
What is the Financial Services Compensation Scheme (FSCS)?
The FSCS is an independent body created under the Financial Services and Markets Act 2000 (FSMA). The service is free to consumers. They can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. From 31 December 2010 the maximum levels of compensation for deposits were increased from £50,000 to £85,000.
What are the maximum levels of compensation?
- Deposits: £85,000 per person (effective 31 December 2010). 100% of the first £85,000
- Investments, Mortgage advice and arranging, Long-term insurance (e.g. pensions and life assurance) and General Insurance are also covered by the scheme. However, please note that different levels of compensation apply for different products.
Is Tesco Bank covered separately under the scheme?
Yes, as it is separately authorised and covered by the guarantee so any customer with deposits would get back £85,000. The guarantee applies to each institution separately authorised by the FSA.
Can joint account holders claim separately?
Yes, joint account holders are each entitled to claim compensation (For joint accounts £170,000 is covered - £85,000 per person).
How do I get further information about the FSCS?
Please be aware that the information provided here is a summary of the scheme. If you would like further information and full details of the limitations, please go to the FSCS:
- Gross means the rate of interest paid without tax
- AER is the Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year
- Net means the rate of interest paid after the deductions of tax