The Financial Services Compensation Scheme (FSCS)
You may have heard about FSCS protection but what does it really mean for you, and your money?
We’ve put together this helpful guide to explain how, when you save with Vida Savings, you’re protected by the Financial Services Compensation Scheme (FSCS).
The FSCS is an independent scheme, set up by the government and funded by the Financial Services industry. It was put in place to safeguard consumer's savings, should their bank or building society go out of business. Find out more about the FSCS.
Your savings are protected up to a total of £85,000 for each person, per institution by the Financial Services Compensation Scheme, so you can rest assured that your money is safe with Vida Savings. Please be aware that any savings over the value of £85,000 are unlikely to be covered.
Typically, consumers are able to receive their money back within seven days. It's there to protect you, because your money matters.
We know that being protected by the FSCS is one of the key considerations for our customers, so we make sure we provide you with a copy of the FSCS information sheet every year.
We'll also keep you up to date with any changes that are made to the scheme. You’ll see an FSCS information sheet from us every time you apply for an account and across our website, customer portals and our application system. You can also find an up-to-date information sheet here.
-
The compensation limit applies to every person, which means you’re protected up to £85,000 across all your accounts per bank or building society.
-
As the limit applies to individuals and not accounts, the FSCS will protect up to £170,000 of savings in joint accounts, as long as either person doesn’t have any other accounts with the same firm.
-
Some firms operate more than one brand under the same FCA (Financial Conduct Authority) and PRA (Prudential Regulatory Authority) authorisation number. It’s a good idea to check whether your banks or building societies share the same authorisation number, because you will only be covered once. You don’t need to worry about this at Vida though, we don't share our protection with anyone else, so you’re fully protected with us.