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Savings compensation and protection: Bank ownership and licences

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The way you spread out your savings is crucial in terms of protection and compensation, but it is also an extremely complex system that is difficult to navigate. Our banking correspondent Lee Boyce keeps you updated...

The UK's level of savings compensation was raised to £85,000 in January 2011 by the Financial Services Compensation Scheme (FSCS).

The limit is doubled for joint accounts to £170,000.

However, you only receive this £85,000 coverage once under each bank or building society's 'compensation licence'. Each bank usually has its own licence.

Therefore it is best to spread your savings over as many savings institutions as possible - never holding more than £85,000 in each. Yet a series of mergers, takeovers, joint ventures and subsidiaries has created an impenetrable web for savers to negotiate.

Below, we reveal who owns who to make sure you don't unwittingly bank savings twice with the same institution.

However, the issue of savings compensation is a complicated one: there are a number of banks that are owned by the same banking group but which are separately licenced under the FSA. This means you can have deposits with, for example, NatWest and with its owner RBS and be covered under the FSCS for both accounts separately, meaning total coverage of £170,000.

New EU rules have increased the compensation limit to - €100,000 across Europe. A fixed exchange rate is agreed every five years, so British savers know precisely how much of their money is protected in pounds sterling. Between 2011 and 2016 it will be £85,000.

The ruling ensures that every single penny saved by 95 per cent of UK depositors is covered, the FSCS says.

ESSENTIAL GUIDE: How to save safely with banks and building societies

UPDATES:

Savers at merged building societies now come under ONE licence. Until December 2010, they were separately covered. A single £85k limit applies to Nationwide, Derbyshire, and Cheshire building societies; Yorkshire and Chelsea; Skipton, Scarborough and Chesham; Co-op Bank and the old Britannia Building Society; Coventry and Stroud & Swindon.Bank of Ireland has set up a UK subsidiary called 'Bank of Ireland UK'. This means all deposits held in the UK - including with the Post Office - are now protected under the Financial Services Compensation (£85,000 guarantee).There is now just one compensation licence for Santander and subsidiaries: Abbey, Alliance & Leicester, Bradford & Bingley.Lloyds TSB took over Halifax and Bank of Scotland (HBOS) to form Lloyds Banking Group. The two groups will keep separate compensation licences despite their merger. For more updates sign up to our newsflash or newsletter. 

If you need to open a new account our savings tables have the web's best advice on rates and our savings tool allows you to do your own research.

Below is the web's most comprehensive guide to savings compensation.

The name of the bank is listed next to its licence. If the ownership of the bank is different to the licence-holder, this is noted in brackets. But the licence-holder is the most important information.

Find your bank or building society:

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A NameBanking Licence Protection Scheme Brands under the same Licence AA Financial ServicesBank of Scotland plc UK Aviva Bank of Scotland BM Savings Birmingham Midshires Halifax Intelligent Finance Saga Aldermore Aldermore Bank plc UK Alliance & Leicester Santander UK plc UK Bradford & Bingley Cahoot Santander Alliance & Leicester international Alliance & Leicester international Isle of Man Allied Irish Bank (GB) AIB Group (UK) plc UK Allied Irish Bank (GB) Savings Direct First Trust Bank (NI) AIB International Savings Ltd AIB International Savings Ltd Isle of Man Aviva Bank of Scotland plc UK AA Financial Services Bank of Scotland BM Savings Birmingham Midshires Halifax Intelligent Finance Saga B Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Bank of China (UK) Bank of China (UK) Limited UK Bank of Cyprus UK Bank of Cyprus Public Company Limited UK Bank of Ireland (IOM) Ltd Bank of Ireland (IOM) Ltd Isle of Man Bank of London and The Middle East Bank of London and the Middle East plc UK Bank of Ireland UK Bank of Ireland (UK) plc UK Post Office ® Bank of Scotland Bank of Scotland plc UK AA Financial Services Aviva BM Savings Birmingham Midshires Halifax Intelligent Finance Saga Barclays Bank Barclays Bank plc UK Standard Life Cash Savings Barclays Wealth Licensed in Gibraltar, Guernsey, Isle of Man and Jersey

Gibraltar Guernsey Isle of Man Jersey

Barnsley Building Society Yorkshire Building Society UK Chelsea BS Egg Norwich & Peterborough BS Yorkshire BS Bath Building Society Bath Building Society UK Beverley Building Society Beverley Building Society UK Birmingham Midshires Bank of Scotland plc UK AA Financial Services Aviva Bank of Scotland BM Savings Halifax Intelligent Finance Saga

BM Savings

Bank of Scotland plc UK AA Financial Services Aviva Bank of Scotland Birmingham Midshires Halifax Intelligent Finance Saga Britannia

The Co-operative Bank plc

UK The Co-operative Bank Smile Britannia International Britannia International Isle of Man Brown Shipley Brown Shipley & Co Limited UK Buckinghamshire Building Society Buckinghamshire Building Society UK Butterfield Private Bank Butterfield Bank (UK) Ltd UK C Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Cahoot Santander UK plc UK Alliance & Leicester Bradford & Bingley Santander Cambridge Building Society Cambridge Building Society UK Cater Allen Private Bank Cater Allen Ltd UK Century Building Society Century Building Society UK Charity Bank The Charity Bank Ltd UK Chelsea Building Society Yorkshire Building Society UK Barnsley BS Egg Norwich & Peterborough BS Yorkshire BS Cheltenham & Gloucester Lloyds TSB Bank plc UK Lloyds TSB Cheshire Building Society Nationwide Building Society UK Derbyshire BS Dunfermline BS Nationwide BS C Hoare & Co C Hoare & Co UK Chorley & District Building Society Chorley & District Building Society UK Citibank Citibank International plc UK City of Derry Building Society City of Derry Building Society UK Close Brothers Savings Close Brothers Limited UK Clydesdale Bank Clydesdale Bank plc UK Yorkshire Bank Clydesdale Bank International Clydesdale Bank International

Guernsey

The Co-operative Bank The Co-operative Bank plc UK, Guernsey, Jersey Britannia Smile Coutts & Co Coutts & Co UK Coventry Building Society Coventry Building Society UK Stroud & Swindon BS Cumberland Building Society Cumberland Building Society UK D Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Darlington Building Society Darlington Building Society UK Derbyshire Building Society Nationwide Building Society UK Cheshire BS Dunfermline BS Nationwide BS Dudley Building Society Dudley Building Society UK Dunfermline Building Society Nationwide Building Society UK Cheshire BS Dunfermline BS Nationwide BS E Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Earl Shilton Building Society Earl Shilton Building Society UK Ecology Building Society Ecology Building Society UK Egg Yorkshire Building Society UK Barnsley BS Chelsea BS Norwich & Peterborough BS Yorkshire BS F Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Fairbairn Private Bank Fairbairn Private Bank

Isle of Man Jersey

first direct HSBC Bank plc UK HSBC FirstSave FBN Bank (UK) Ltd UK First Trust Bank (NI) AIB Group (UK) plc UK Allied Irish Bank (GB) Allied Irish Bank (GB) Savings Direct Furness Building Society Furness Building Society UK G Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Governor Money Family Investments UK H Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Halifax Bank of Scotland plc UK AA Financial Services Aviva Bank of Scotland BM Savings Birmingham Midshires Intelligent Finance Saga Halifax International Halifax International

Isle of Man Jersey

Hanley Economic Building Society Hanley Economic Building Society UK Harpenden Building Society Harpenden Building Society UK Hinckley & Rugby Building Society Hinckley & Rugby Building Society UK Holmesdale Building Society Holmesdale Building Society UK HSBC HSBC Bank plc UK first direct HSBC Bank International HSBC Bank International Jersey I Back to Top Name Banking Licence Protection Scheme Brands under the same Licence ICICI Bank UK ICICI Bank UK plc UK ING Direct (UK) ING Direct NV EEA - Netherlands Intelligent Finance Bank of Scotland plc UK AA Financial Services Aviva Bank of Scotland BM Savings Birmingham Midshires Halifax Saga Investec Bank (Channel Islands) Ltd Investec Bank (Channel Islands) Ltd

Guernsey Jersey

Investec Bank plc Investec Bank plc UK Ipswich Building Society Ipswich Building Society UK Islamic Bank of Britain Islamic Bank of Britain UK Isle of Man Bank Isle of Man Bank Isle of Man J Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Julian Hodge Bank Julian Hodge Bank Ltd UK K Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Kleinwort Benson Bank Kleinwort Benson Bank

Guernsey Isle of Man

KRBS KRBS UK L Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Leeds Building Society Leeds Building Society UK Leek United Building Society Leek United Building Society UK Lloyds TSB Lloyds TSB Bank plc UK Cheltenham & Gloucester Lloyds TSB International Licensed in Jersey Gibraltar Guernsey Isle of Man Jersey Loughborough Building Society Loughborough Building Society UK M Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Manchester Building Society Manchester Building Society UK Mansfield Building Society Mansfield Building Society UK Marfin Laiki Bank Marfin Popular Bank Public Company Ltd UK Market Harborough Building Society Market Harborough Building Society UK Marks & Spencer Money Marks & Spencer Financial Services plc UK Marsden Building Society Marsden Building Society UK Melton Mowbray Building Society Melton Mowbray Building Society UK Metro Bank Plc Metro Bank Plc UK Monmouthshire Building Society Monmouthshire Building Society UK N Back to Top Name Banking Licence Protection Scheme Brands under the same Licence National Counties Building Society National Counties Building Society UK National Savings & Investments An executive agency of the Chancellor of the Exchequer 100% backed by HM Treasury Nationwide Building Society Nationwide Building Society UK Cheshire BS Derbyshire BS Dunfermline BS Nationwide International Nationwide International Isle of Man NatWest National Westminster Bank plc UK NatWest Offshore NatWest Offshore

Gibraltar Guernsey Isle of Man Jersey

Newbury Building Society Newbury Building Society UK Newcastle Building Society Newcastle Building Society UK Northern Bank Northern Bank Limited UK Northern Rock Northern Rock plc UK Virgin Money Norwich & Peterborough Building Society Yorkshire Building Society UK, Gibraltar Barnsley BS Chelsea BS Egg Yorkshire BS Nottingham Building Society Nottingham Building Society UK P Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Penrith Building Society Penrith Building Society UK Permanent Bank International Ltd Irish Life & Permanent plc Isle of Man Post Office® Bank of Ireland (UK) plc

UK Note: NS&I products sold via the Post Office are 100% backed by HM Treasury

Bank of Ireland UK Principality Building Society Principality Building Society UK Progressive Building Society Progressive Building Society UK R Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Raphaels Bank R Raphael & Sons plc UK Royal Bank of Canada (CI) Royal Bank of Canada (CI) Guernsey Jersey Royal Bank of Scotland Royal Bank of Scotland plc UK RBS International RBS International

Gibraltar Guernsey Isle of Man Jersey

S Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Saffron Building Society Saffron Building Society UK Saga Bank of Scotland plc UK AA Financial Services Aviva Bank of Scotland BM Savings Birmingham Midshires Halifax Intelligent Finance Sainsbury's Finance Sainsbury's Bank plc UK Santander Santander UK plc UK Alliance & Leicester Bradford & Bingley Cahoot Santander Private Banking Santander Private Banking Jersey Scottish Building Society Scottish Building Society UK Scottish Widows Bank Scottish Widows Bank UK Secure Trust Bank Secure Trust Bank plc UK Shawbrook Bank Shawbrook Bank Limited UK Shepshed Building Society Shepshed Building Society UK Skipton Building Society Skipton Building Society UK Scarborough Investments Direct Skipton International Limited Skipton International Limited Guernsey Smile The Co-operative Bank plc UK Britannia The Co-operative Bank Stafford Railway Building Society Stafford Railway Building Society UK Standard Bank Offshore Standard Bank Offshore

Isle of Man Jersey

Standard Life Cash Savings Barclays Bank plc UK Barclays Bank State Bank of India State Bank of India UK Swansea Building Society Swansea Building Society UK T Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Teachers Building Society Teachers Building Society UK Tesco Bank Tesco Personal Finance plc UK Tipton & Coseley Building Society Tipton & Coseley Building Society UK Triodos Bank Triodos Bank NV EEA – Netherlands Turkish Bank (UK) Turkish Bank (UK) Ltd UK U Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Ulster Bank Ulster Bank Limited UK United National Bank United National Bank Limited UK United Trust Bank United Trust Bank Limited UK V Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Vanquis Bank Vanquis Bank Ltd UK Vernon Building Society Vernon Building Society UK Virgin Money Northern Rock plc UK W Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Weatherbys Bank Limited Weatherbys Bank Limited UK Wesleyan Bank Wesleyan Bank Limited UK West Bromwich Building Society West Bromwich Building Society UK Y Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Yorkshire Bank Clydesdale Bank plc UK Clydesdale Bank plc Yorkshire Building Society Yorkshire Building Society UK Barnsley BS Chelsea BS Egg Norwich & Peterborough BS Z Back to Top Name Banking Licence Protection Scheme Brands under the same Licence Zurich Bank International Ltd Zurich Bank International Ltd Isle of Man

The source of this table is Moneyfacts.co.uk

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