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In financial services we often talk about and reference FSCS protection but what does it really mean for our savers? We have put this page together to explain exactly how the protection works and what it means to you
Including Exclusions list
The FSCS is funded by the financial services industry and is free to consumers. It is the body which gives you automatic protection of your savings up to £85,000 if your bank, building society or credit union goes out of business – and you’ll normally get your money back within seven days. It is there to protect your savings.
We know from speaking to our customers that FSCS protection is a key consideration when shopping around for a savings account. Every year we’ll provide you with a copy of the FSCS information sheet and exclusion list or, of course, you can find it above. There can be changes to the scheme, so it's always worth keeping informed.
A deposit is money in accounts like current and savings accounts, including Individual Savings Accounts (ISAs). Whether you’re an individual or a company, FSCS protects these deposits should your bank, building society or credit union fail.
If any of your savings are held with us via a savings platform then the money you deposit is protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS).
The limit the FSCS applies to each person is for the total amount you have with Paragon, whether it is deposited directly with us or through a third party provider.
FSCS protects deposits up to £85,000 per person or company, per authorised firm.
1. The limit applies to individuals and companies, NOT accounts. So for joint accounts the limit applies to each named account holder. For example, as long as you or the other account holder does not have any other accounts with the same firm, FSCS would protect up to £170,000 of savings in a joint account. This is because you each receive up to £85,000 under the scheme.
2. The limit applies per authorised firm. This is important because some firms operate more than one brand under the same FCA or PRA authorisation number. This means although accounts are held under different brands you will only be entitled to a total of £85,000 or £170,000 if joint, as the firm has one authorisation number. You should therefore check:
This does not apply to your savings with us, as we do not offer savings accounts under any other brand
FSCS also protects certain types of balances held by individuals above £85,000. These ‘temporary high balances’ are protected up to £1,000,000 for a period of six months. They are exceptional and short-lived deposits which result from certain major life events.
If a firm fails and you need to make a claim for deposits above £85,000 you will need to provide written evidence that your deposits qualify as a temporary high balance.
Full details can be found at www.fscs.org.uk
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Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551