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FSCS - Financial Services Compensation Scheme

It's important when putting away your hard earned savings to know that it's safe. 

FSCS protection

Your eligible deposits with West Bromwich Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the West Brom Building Society. Any deposits you hold above the £85,000 limit are not covered.

For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account. 

For further information, read the 'How FSCS protects your money' guide which can be found here.

Visit the FSCS website.

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