Are individual accounts, savings pots, and business accounts separate under FSCS?

Hi, if I have my current account, savings pot (e.g. Investec), and business account all with Monzo am I capped at 85k FSCS protection across all of them?

I currently go pretty much all-in with Monzo, but I am trying to work out whether I’m leaving myself a bit exposed…

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Hi Matt,

That’s a great question and I’d be interested to know the answer myself. I think if you are a limited company then they would be treated as a separate entity with different entitlement. But if you are a sole trader they would be considered together.

I’m basing this on an article I found on a web-site: - but this is quite old (2009). I would be interested in Monzo’s definitive statement about this as it would impact whether I open a Monzo business account.

My understand is that protection is per eligible person. The question is whether your company is a separate person.

This may be the difference between a Ltd company and a sole trader, as I posted above. But what if the limited company has a single director/ or proportionally a large shareholder?

I’ve got a feeling that (depending on the set-up) each separate entity can provide you with FSCS protection.

You’d get FSCS protection for the money in you current account (as its held by Monzo)

You’d get whatever protection investec/oak north/ shawbrook provide separately on the money in those pots.

The company would still benefit from being a separate legal entity and so would be treated as its own legal person - you can “pierce” this veil but it is hard to do.

Not sure companies get FSCS protection anyway? It’s just for personal banking, right?

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I think they protect “small business”

Hey everyone! :wave:

Broadly, the answer is - if you’re a limited company, you’re a separate entity that’s covered up to £85,000 in your business account alone.

If you’re a sole trader, your personal and limited accounts are jointly covered up to £85,000 - so if I have £80,000 in my business account, and £5,000 in my personal account, I’m at my maximum coverage.

You can read more about this here :blush:


Thanks Jack, that makes it super clear!