Business Account
How FSCS Protection Safeguards Your Business Deposits
Are your business savings protected in the UK?
by
iFAST Global Bank
What is FSCS Protection?
The Financial Services Compensation Scheme (FSCS) protects eligible deposits in the unlikely event that an authorised financial services firm fails. Established by Parliament and funded by the financial services industry, the scheme currently protects up to £120,000 per eligible person or authorised firm.
A common misconception is that the FSCS only applies to personal savings accounts. Eligible business accounts may qualify for FSCS protection, depending on how the account is set up and how the business is structured.
Is Your Business Covered?
Sole Traders
If you operate as a sole trader, your business is not considered a separate legal entity from you. This means FSCS protection applies up to £120,000 in total across all eligible personal and business accounts you hold with the same bank.
Limited Liability Partnership (LLPs) or Limited Company (Ltd)
If your business is registered as a separate legal entity, such as a Limited Company or LLP, the business may qualify for its own FSCS protection up to £120,000. This is separate from any personal FSCS protection you may have on your individual accounts held with the same bank.
What Accounts and Providers are Covered?
FSCS protection only applies to deposits held with UK-authorised institutions regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). If a bank or building society fails, the FSCS aims to automatically repay eligible deposits within seven working days in most cases.
Accounts or assets that are not covered include:
Accounts held with institutions that are not authorised to accept deposits in the UK (For example, certain e-money providers or fintech platforms)
Investment accounts
Crypto-currency accounts
Insurance claims or policies
How to Check if Your Business Account is FSCS Protected
Use the FSCS protection checker
You can check whether your business funds are protected using the FSCS protection checker. You will be asked to enter your bank name, amount held and type of account holder. Additionally, you can check the FCA register to see if your bank is authorised in the UK.
Check directly with your bank
You can also speak to your bank or relationship manager to confirm how your account is registered and whether it qualifies for FSCS protection.
Choosing a Trusted Banking Partner
A reliable banking partner should be FSCS-protected, fully authorised by the FCA and PRA, and transparent about how they safeguard your money.
At iFAST Global Bank, we are proud to offer FSCS-protected business current accounts. As a fully regulated UK bank, eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to a value of £120,000 per business or person.
Why Holding Business Funds in a UK Bank can be Attractive
For many businesses, holding a UK bank account with FSCS protection offers a strong mix of stability, regulation and access to one of the world’s leading financial centres.
Alongside fund protection, businesses should also consider how efficiently their banking partner supports cash management and working capital growth.
With 2.65% AER* (variable) on GBP current account balances, no monthly fees and multi-currency access, our Multi-Currency Business Current Account can help your business to grow its working capital.
Open a business account with iFAST Global Bank and take a step towards stronger cash management.
Disclaimers:
*18+. Interest rates are variable and subject to change. Details regarding interest rates can be found at https://www.ifastgb.com/en/fees. Please refer to the website for full terms and conditions.
This information does not constitute financial, investment or tax advice. Protection is provided by FSCS in line with its rules and limits, which may change in future. Eligibility criteria apply. If you are unsure about the right approach for your circumstances, please seek independent advice.
Sources:
FSCS website: https://www.fscs.org.uk/
Tags
iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
