IN PLAIN ENGLISH
A prompt to check you haven't got more with one bank than would be protected.
FULL DEFINITION
The limit on how much of your cash at one UK bank, building society or credit union the Financial Services Compensation Scheme (FSCS) covers if it fails.
EXAMPLE
£95,000 in a Monzo current account and £40,000 in a Monzo pot is £135,000 with one provider, £15,000 over the £120,000 limit.
HOW IT'S CALCULATED
The FSCS limit is £120,000 per person per authorised firm, from 1 December 2025 (it was £85,000 before). We add up the cash at each provider using the name you typed for each hand-entered account and the bank's own name for a linked one, and flag any provider over, or within 10% of, the limit. It only works with what you entered: it can't tell whether a bank is UK-authorised or that two brands are one firm (they share one limit), a joint account is covered per person so up to double, and it only checks a portfolio in pounds, counting a linked account only when it is held in pounds. Check the FSCS site for what your own accounts are covered for.
Educational content only. It is not personal financial advice.