Financial Services Compensation Scheme
In the unlikely event we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation under the terms of the Financial Services Scheme. The maximum compensation is limited to 100% of the first £85,000 of your total deposits (per individual account holder) held with us (effective 31st December 2010). These limits are the same for all UK bank and building societies as governed by FSA rules. Again, in the unlikely event of a claim, any compensation is payable within three months.
Why your money is safe with us:
- Compensation available on up to £85,000 for sole accounts and £170,000 for joint accounts - Effective 31st December 2010
- We are one of the strongest mutual building societies in the UK.
- No investor in a building society has lost any of their investment since at least 1945 and probably a long time before that. (Source: BSA)
- Largest Building Society to be based in the North East