What is FSCS protection?

More answers to common questions about Monzo!

Let me know if there’s anything else you think we need to cover/clarify :smiley:


Maybe a follow up to this explaining what the FCA and PRA are/do?

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This is really useful, had no idea that banks were able to trade under one licence with different names.

I think it may be a bit confusing where it talks about accounts, it should be clearer stating different banks are required to have coverage over 85k

‘ * Don’t exceed the £85,000 limit: If the money in your current account is over the £85,000 limit for FSCS protection, you might want to spread your money across multiple accounts, to make sure it’s all protected.’

Ie I can’t have a current account and a savings account with say monzo in the future and receive £170k protection I’d need the accounts to be with different banks - I believe ?

Update - now having read then update on monzo savings - maybe I’m not entirely correct.

If we have a current account with monzo and a savings account with investec through monzo does this provide £170k cover

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It does, but only up to £85,000 in each.
For example if you kept £100,000 in your monzo current account and £70,000 in your Investec pot you could potentially loose £15,000 if something were to happen to monzo.

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Hey @bea

From my reading I feel that the following:

Should be worded “you might want to spread your money across multiple banking institutions” as if the user split the money between two Lloyds bank accounts they still would still hit the £85,000 limit.


Nice article. Like others, would like to see more depth in a part 2 on some of the fundamental reasons as to why deposit insurance exists in the first place e.g. to prevent bank runs

Yet to make things more complicated, if you spread your savings between Lloyds Bank and Halifax you are protected separately as they are separate institutions although both owned by Lloyds Banking Group.

Surprised more people don’t know about the linked organisations piece. This is always a good site to check for the presence of this where your money is held:




So if you are only covered for £85k what happens if you are a millionaire or will the lotto and win say £460mil like that powerball winner last night?

Split it between institutions or spend it quickly and unwisely

If you want to keep it in a bank, stick it in NS&I. Unlimited protection.


Bet you still wouldn’t get any Premium Bond wins! :joy:

I am that Powerball winner and would frankly, value the advice :anguished:

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I’ve got the perfect solution. If you just transfer the money to me i’ll sort it all out for you. Happy to help.
Coincidentally i’ll be going on holiday in 48 hours so it might be hard to reach me for a while… :desert_island:

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Thank heavens! I was getting worried I’d do something ridiculous with it all.

I can relax now…keep me posted, though?

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So if I had 85k in my Monzo account, my wife had 85k in hers too, and we had 170k in our savings, we dont lose anything? We are secure for the 340k?

Is that right?


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