What does FSCS protection mean?
The FSCS ensures the first £85,000 you save with an authorised bank or building society, like Hodge, is protected. It’s important to note that the £85,000 is per UK-regulated financial institution, not per account. For joint accounts, each account holder is protected up to £85,000, meaning a total of £170,000 could be claimed. If you have an individual account and a joint account within the same banking group, our £85,000 compensation limit will apply across these accounts, not to each separate account.
This protection isn’t just for savings—it also covers mortgages, insurance, and investments if an authorised financial firm ceases trading.
Deposits at Hodge
As an FSCS-protected institution, deposits with Hodge are protected up to the £85,000 limit. However, amounts above this limit are not covered. For larger balances, consider splitting funds across different FSCS-protected banks to maximise coverage.
Things to consider when opening a savings account
- Check if the bank is covered by FSCS protection
- Review customer feedback and ratings to ensure a trustworthy provider
- Explore competitive rates that suit your financial goals.
More information
Click below to find out more about what the FSCS covers or download their detailed leaflet.
