The Financial Services Compensation Scheme (FSCS)

What is the FSCS?

The Financial Services Compensation Scheme (FSCS) is an independent scheme that protects some of your deposits with authorised firms like ours.

How am I protected?

United trust Bank (UTB) has an independent banking license and we are not affiliated with any other banks or building societies. This means that our customers benefit from the full protection provided by the government backed Financial Services Compensation Scheme (FSCS) which protects savers in the event of a bank’s failure.

The FSCS protects the first £120,000 of any savings an eligible account holder has deposited with a bank or building society. For joint accounts, each eligible account holder benefits from the same £120,000 of protection. This means that two eligible joint account holders can claim up to £240,000 between them.

If you have more than one account with us, the total balances of all your accounts are aggregated enabling you to claim the maximum amount of protection, regardless of how many UTB accounts your savings may be spread across.

The FSCS aims to pay out funds to eligible claimants within 7 days.

For more information, you can download our leaflet or visit the FSCS website.

What does this mean for my savings with United Trust Bank?

The good news is that the Financial Services Compensation Scheme (FSCS) limit has increased with effect from 1st December 2025, meaning that you are covered by an additional £35,000.

If you have a Fixed Term Bond with us, you can’t add more money to it once the term has started. However, you’re welcome to open a new Fixed Term Bond if you’d like to invest more.

If you have one of our variable accounts, like a Notice Account or Easy Access Account, you can top up anytime from your nominated bank account, as long as you stay within the account’s maximum balance limit.

Should you wish to open any additional accounts with United Trust Bank, including Fixed Term Bonds or Variable accounts to support the increased limit of protection, you can do so via Online Banking, or getting in touch, here.

If you would like more information on our products and services, please check out our suite of accounts, here.