The schemes compared
Limits and rules as the schemes themselves describe them today.
| UK (FSCS) | Jersey | Guernsey | Isle of Man | Gibraltar | |
|---|---|---|---|---|---|
| Individual per bank | £120,000 | £50,000 per banking group | £50,000 | £50,000 | £120,000 |
| Companies | own limit per company | not covered | not covered | £20,000 | covered |
| Trusts | see FSCS rules | not covered | exceptions only | £20,000 | some client money covered |
| Any country of residence | yes | yes | yes | yes | yes |
| Payout | automatic | target 7 working days | usually within 3 months | interim payment aimed for after 28 days | within 7 business days |
| Overall cap | abolished April 2026 | £100 million in 5 years | £200 million of funding |
FSCS, JRDCA, Guernsey DCS (leaflet October 2026), IOMFSA, Gibraltar Deposit Guarantee Board, retrieved 2 November 2026
The FSCS stops at the shoreline
The UK's Financial Services Compensation Scheme protects deposits with banks authorised by the Prudential Regulation Authority. Since 1 December 2025 it covers up to £120,000 per person and bank, up from £85,000. A company counts as a depositor in its own right, with its own limit.
None of that applies on the islands. The Isle of Man's regulator states that schemes in the UK, Ireland or elsewhere do not cover deposits on the island. HSBC Expat, Lloyds International, Santander International and Investec say the same about their branches in Jersey, Guernsey and the Isle of Man. An account with a British banking group on an island is therefore not an FSCS account, however familiar the name.
Jersey: faster, but under review
Jersey protects £50,000 per eligible depositor and per Jersey banking group, or £100,000 for a joint account with two holders. Companies and trusts are not covered unless they are charities registered in Jersey.
Since 1 April 2026 the scheme has been run by the Jersey Resolution and Depositors Compensation Authority. The old overall cap of £100 million has gone, and payment is meant to arrive automatically within seven working days. It is not guaranteed. The authority has been reviewing the scheme since the second quarter of 2026, including the £50,000 limit, and plans to report in the first half of 2027. More in a bank account in Jersey.
Guernsey: the cap stays
Guernsey pays up to £50,000 per eligible depositor and bank, wherever you live, usually within three months. The overall cap of £100 million over five years still applies; if it is not enough, payments are scaled down. Companies are excluded, and so are trusts, with few exceptions. And a brand shares its limit with the bank behind it: hold money with NatWest International and with the Royal Bank of Scotland International and you have £50,000 of protection, once. More in a bank account in Guernsey.
Isle of Man: the only one that covers companies
The Isle of Man protects £50,000 per person and £20,000 per company, trust or partnership, in each case per bank, regardless of residence and currency. Only clients of banks with a Class 1(1) licence are covered. Debts to the bank can be set off, and funding is capped at £200 million. In 2024 the regulator decided to keep the limits. More in a bank account on the Isle of Man.
Gibraltar: as high as the UK, but its own scheme
Gibraltar has its own Deposit Guarantee Scheme with a limit of £120,000 per depositor and bank, regardless of how many accounts you hold or in which currency, paid out in sterling. Since 1 January 2024 the scheme has had to pay within seven business days. You do not have to live in Gibraltar, and companies are covered too. Temporary high balances from the sale of your main home are protected up to £1 million for six months. More in a bank account in Gibraltar.
Count per banking group, not per account or brand. If protection matters to you, keep no more than £50,000 per group on deposit in the Crown Dependencies. For a worldwide comparison, see Freedom Banking.
Frequently asked questions
Does the FSCS protect my HSBC Expat account?
No. HSBC Expat holds the account in Jersey and says itself that UK protection does not apply. Jersey's deposit scheme applies instead.
Is my company protected in Jersey or Guernsey?
No. Both schemes exclude companies. Only the Isle of Man covers companies, up to £20,000, and so does Gibraltar.
Does it matter where I live?
No. All four island schemes cover eligible depositors regardless of their country of residence.
Will Jersey raise its limit?
That is open. The authority is reviewing the limit and plans to report in 2027. Until a change is decided, £50,000 applies.
Sources: FSCS: Banks and building societies; JRDCA: Jersey Bank Depositors Compensation Scheme; JRDCA: Review of the JDCS; Guernsey DCS: Leaflet 2026; IOMFSA: Depositors' Compensation Scheme; Gibraltar Deposit Guarantee Board: Compensation information