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What is the Financial Services Compensation Scheme (FSCS)?

The Financial Services Compensation Scheme (FSCS) pays compensation when a UK financial firm goes out of business and cannot pay your money.

Each partner bank within True Potential Cash Savings is FSCS protected. Therefore, savings can be spread across different banks and receive up to £120,000 of protection per bank.

Please note that savings held outside of the service with the same banks will contribute towards the total protected amount. Some banks may share a banking licence and therefore share a single FSCS protection limit.

Bondsmith Savings Limited is an electronic money institution (not a bank) and is therefore not covered by the FSCS. Funds held in the Cash Savings Holding Account are safeguarded under FCA electronic money rules.

If you need more information or have any further questions, please speak to our friendly team on 0191 242 4866 and select option 5. Available 8.30am - 5.30pm weekdays.