UK Deposit Protection Limit Increases to £120,000 from December

From 1 December, the Financial Services Compensation Scheme (FSCS) protection limit will increase from £85,000 to £120,000 per eligible depositor, per authorised institution. This change has been introduced by the Prudential Regulation Authority (PRA) to ensure that deposit protection keeps pace with economic conditions and continues to support confidence in the financial system. 

What This Means for You 

The new £120,000 protection limit offers several meaningful benefits for you: 

• Greater peace of mind: More of your eligible deposit is now protected — up to £120,000 in the unlikely event that something happens to iFAST Global Bank. 
• More flexibility when managing deposits: You may no longer need to split funds across multiple banks to stay within protection limits. 
• Stronger security during major life events: With the Temporary High Balance limit increasing to £1.4 million, you receive added protection during significant financial transactions such as buying a home or receiving an insurance payout. 
• A more resilient banking environment: Updated limits reflect today’s economic climate, helping keep the financial system stable and trustworthy. 

At iFAST Global Bank, we welcome these changes as part of our ongoing commitment to offering you security, transparency, and confidence when managing your wealth. 

Temporary High Balance Protection Also Increasing* 

On 1 December, the protection limit for Temporary High Balances (THBs)—covering life events such as property sales, inheritances, or insurance settlements—will increase from £1 million to £1.4 million. These protections apply for up to six months, offering a critical safety buffer during large, time-sensitive transactions. 

At iFAST Global Bank, we remain dedicated to helping you navigate these updates and ensuring your deposits remain well protected. 

*link reference: PRA confirms FSCS deposit limit to be increased to £120,000 from 1 December | Bank of England