Citywire for Financial Professionals
Share this page:
Stay connected:

Citywire printed articles sponsored by:

View the article online at

How to pick the best savings account

This guide shows you how to get the most from your cash by explaining how the different types of savings accounts work. 


by Victoria Bischoff on Feb 01, 2012 at 12:51

Will my savings be safe?

Under the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual per institution is protected by the government.

This means, if you save £170,000 in one single financial institution and the bank collapses, you are only guaranteed to get half of your money back whereas if you save £85,000 in two separate organisations, all of your money will be protected.

However, be aware that many of the high street’s biggest banks share the same Financial Services Authority (FSA) registration and therefore count as a single financial institution – HSBC and First Direct for example. This means under FSCS rules only £85,000 of your money in both banks combined will be protected. If in doubt contact the FSA's consumer helpline on 0845 606 1234.

Further reading

The best savings accounts – the highest rates currently available

Financial Services Compensation Scheme

FSA consumer helpline

ISAs explained: what are they and how do they work?

ISA: what is an ISA and how do I get one?

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

Sponsored By:

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.

Latest from Investment Basics

See all headlines


Persimmon shareholders revolt over boss's £75m bonus

by Daniel Grote on Apr 25, 2018 at 16:35

Sorry, this link is not
quite ready yet