Are All 11 Currencies FSCS Protected? Understanding How Your Deposits Are Safeguarded 

Managing money across multiple currencies can make international banking more convenient. But if you hold balances in several currencies, it is important to understand how your money is protected. 

At iFAST Global Bank, eligible deposits in our 11 supported currencies benefit from protection under the Financial Services Compensation Scheme (FSCS), subject to its eligibility rules and compensation limits. 

What is FSCS protection? 

The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation scheme. It protects eligible deposits of a UK-authorised bank, building society or credit union fails and cannot repay its customers. From 1 December 2025, the deposit protection limit increased to £120,000 per eligible depositor, per authorised firm. 

Are all 11 currencies protected? 

Yes. Eligible deposits held with iFAST Global Bank in the following currencies are covered by FSCS protection, subject to the scheme’s rules: 

• British pound (GBP) 
• US dollar (USD) 
• Euro (EUR) 
• Hong Kong dollar (HKD) 
• Singapore dollar (SGD) 
• Chinese yuan (CNY) 
• Japanese yen (JPY) 
• Swiss franc (CHF) 
• UAE dirham (AED) 
• Canadian dollar (CAD) 
• Australian dollar (AUD) 

This means that holding money in a foreign currency does not, by itself, exclude an otherwise eligible deposit from FSCS protection. However, protection is subject to eligibility requirements and the overall compensation limit; it does not mean every balance is guaranteed in full regardless of its value or circumstances. 

Is the £120,000 limit per currency? 

No. This is one of the most important points to understand. 

The £120,000 limit applies to your combined eligible deposits across all currencies held with iFAST Global Bank, rather than providing a separate £120,000 allowance for each currency. 

For example, if you hold the equivalent of £50,000 in GBP, £40,000 in USD and £30,000 across other supported currencies, your total eligible deposits would equal approximately £120,000. Assuming all balances qualify, the full amount would fall within the standard protection limit. 

If your combined eligible deposits exceed £120,000, the excess would ordinarily fall outside the standard deposit protection limit. Foreign-currency balances are considered as part of your total, with their value assessed in pounds sterling for compensation purposes. 

What does this mean for your money? 

Having access to 11 currencies gives you flexibility to manage international payments, spending and savings. Understanding the protection limit helps you make informed decisions about how much you hold with one banking provider. 

Remember, FSCS protection is based on the total eligible deposits you hold with an authorised firm—not the number of accounts you have or the currencies you use. Certain temporary high balances may qualify for additional protection under specific conditions, but this is not automatic for every large deposit. 

Bank with greater clarity 

At iFAST Global Bank, we believe understanding how your money is safeguarded is an important part of managing it confidently. Whether you hold GBP, USD, EUR or any of our other supported currencies, take a moment to review your combined balances and understand how the FSCS limit applies. 

11 currencies. One clear protection limit: £120,000 for eligible deposits per depositor.