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About Us FSCS - Important Cover for Your Savings

From 30th January, 2017, the Financial Services Compensation Scheme (FSCS) deposit protection limit is changing from £75,000 to £85,000

PLEASE NOTE: We have a statutory duty to advise you of the changes to FSCS cover, however these changes will not affect your savings with us, as our maximum deposits fall below £85,000 (max. £35,000 can be deposited with ESCU by any member).

However you might want to be aware of this if you have larger savings in other financial institutions.

If your bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit (currently £85,000 for most depositors).

If you have eligible deposits of more than £85,000, you are unlikely to be fully protected after 30th January, 2017, so you may need to take action if you wish to remain fully covered by the FSCS.

Further information regarding the protection provided by FSCS is set out below.

General limit of protection

Your eligible deposits held at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance, you hold eligible deposits in a savings account with £70,000 and a current account with £20,000, you will only be repaid £85,000.

From 30th January, 2017:

From 30th January 2017, the FSCS will protect most eligible deposits up to a total of £85,000. Any deposits you hold above the limit are unlikely to be covered.

Further information will be provided to depositors on how these changes will affect depositors with aggregate balances over £85,000. Please contact the FSCS (details below) for further information.

Temporary high balances

In some cases, an eligible deposit which is categorised as a “temporary high balance” (for example, as a result of a house sale, inheritance, or insurance payment) may be protected to a higher limit for six months after the amount has been credited to your account or from the moment when such eligible deposits become legally transferable. This applies from 3 July 2015. See the FSCS website for full details.

Exclusions from protection

A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following: 
• credit institution
• financial institution
• investment firm
• insurance undertaking
• reinsurance undertaking
• collective investment undertaking
• pension or retirement fund
• public authority, other than a small local authority.

The following deposits, categories of deposits or other instruments are no longer protected from 3 July 2015:
• deposits of a credit union to which the credit union itself is entitled
• deposits which can only be proven by a financial instrument unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014
• deposits of a collective investment scheme which qualifies as a small company
• deposits of an overseas financial services institution which qualifies as a small company
• Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded 5 Listed in Section C of Annex 1 of Directive 2014/65/EU 6 Under the Companies Act 1985 or Companies Act 2006
• deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company - refer to the FSCS for further information on this category.


The FSCS aims to repay your eligible deposits (up to the compensation limit) within 7 days, and is required to do so within 20 working days (with some exceptions).


If you have any questions regarding the change in the compensation limit, please contact the Financial Services Compensation Scheme (FSCS) at:

Address: FSCS, 10th Floor, Beaufort House, 15 Botolph Street, London, EC3A 7QU

Tel: 0800 678 1100


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