Temporary high balances
FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1 million for six months. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.
FSCS cannot confirm the eligibility of a particular temporary high balance unless/until a bank or building society actually fails. This is because we’d need to review all of the available evidence to check that there was a sufficient connection between the relevant life event and the sums in the depositor’s account.
Certain life events could have caused a temporary high balance in your bank account, including:
- Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. This doesn't have to be a UK property but must relate to your main residence).
- Benefits payable under an insurance policy.
- Personal injury compensation (unlimited amount).
- Disability or incapacity (state benefits).
- Claim for compensation for wrongful conviction.
- Claim for compensation for unfair dismissal.
- Redundancy (voluntary or compulsory).
- Marriage or civil partnership.
- Divorce or dissolution of their civil partnership.
- Benefits payable on retirement.
- Benefits payable on death.
- A claim for compensation in respect of a person's death.
- Inheritance.
- Proceeds of a deceased's estate held by their personal representative.
To prove you've held a temporary high balance, we may ask for proof which could include (but not be limited to) the following:
- A property sale receipt or agreement.
- A court judgement.
- A will.
- A letter from an insurer regarding an insurance payout.
- A letter from a lawyer, conveyancer, mortgage provider, former employer, pension trustees.
- Court orders.
- Social security statements.
- Probate/letters of administration.
- Death/marriage certificate.
- Land register and HMRC records.
This list isn't exhaustive and the evidence required will depend on the life event of your individual circumstances. If you provide the relevant supporting evidence, we'll pay you compensation within three months.