Protecting your money

How the FSCS protects your money

The FSCS is the body which protects your eligible deposits up to £120,000 and offers protection for certain investments and home finance activities if your bank, building society or credit union goes out of business.

The FSCS protection limit applies across all accounts (eligible deposits) held within Investec Bank plc per named account holder, not per account. Any deposits you hold above the limit are unlikely to be covered.

For example:

• If you have a personal current account or savings accounts in your sole name, you will be covered by the FSCS for up to £120,000 across all accounts (eligible deposits) held at Investec Bank plc.
• If you have a joint personal current account or savings account each of the joint account holders will be protected up to £120,000 of their total eligible deposits held at Investec Bank plc. For example, if you have a joint account with your spouse or a partner, and no other accounts of your own with Investec Bank plc, you will each receive up to £120,000 under the deposit protection limit; FSCS would protect up to £240,000 of savings in that joint account.
• If you are a joint account holder of a business account the FSCS protects you up to £120,000 in total across all accounts (eligible deposits) you hold in your business name with Investec Bank plc. This is in addition to the £120,000 protection across all personal accounts you hold within Investec Bank plc. In this situation, the business is the protected entity, not each individual.

The FSCS can pay up to £85,000 per person per authorised firm if the firm concerned has failed and cannot return your investments or money owed, and you lose money because of:

• bad or misleading investment advice 
• negligent management of investments 
• misrepresentation, or 
• fraud. 

The FSCS does not pay compensation if your investment does not perform as well as you hoped. 

You could claim up to £85,000 compensation from FSCS if you’ve received bad mortgage advice that caused you to lose money and Investec Bank plc has failed.

For more information on the deposit protection, please select the links below to view the FSCS leaflet as well as the FSCS Information Sheet and Exclusion List or visit the FSCS website at www.fscs.org.uk

For further information about investment and mortgage related FSCS protection please visit https://www.fscs.org.uk/what-we-cover/.

Investec Bank plc’s Firm Reference Number (FRN): 172330