| Updated | November 2026 |
| Deposit protection | £120,000 per depositor per bank, companies included, paid within 7 business days |
| Banks in the scheme | 8 |
| Private banking | Trusted Novus Bank: £500,000 for international clients |
| Local accounts | Gibraltar International Bank and NatWest International, mainly for residents |
| CRS | Reported through the tax office's AEOI portal |
The safety net: £120,000
No British island or territory protects deposits more generously than Gibraltar. The Gibraltar Deposit Guarantee Scheme pays up to £120,000 per depositor, per bank, however many accounts you hold and whatever their currency. Compensation is paid in sterling and, since 1 January 2024, within seven business days. You do not have to live in Gibraltar, and companies are covered too. Money from the sale of your main home is protected for six months up to £1 million; second homes and let property do not qualify.
One small trap: a page on the Trusted Novus Bank website still quotes the old limit of €100,000. What counts is what the scheme itself publishes, and that is £120,000. The wider picture across the islands is in our piece on deposit protection on the islands.
Which bank suits whom
Eight banks belong to the scheme today: Bank J. Safra Sarasin (Gibraltar), Gibraltar International Bank, IDT Financial Services, Moneycorp Bank, the Royal Bank of Scotland International, Trusted Novus Bank, Turicum Private Bank and Xapo Bank. For clients who live elsewhere, only a handful are worth a call.
Trusted Novus Bank openly courts international clients looking for a safe third jurisdiction. Its minimum is £500,000 for international clients and £250,000 for Gibraltar residents. Opening a personal account is free; maintenance costs £12.50 a month, and accounts that need enhanced due diligence at least £100 a month. Currency exchange carries a margin of up to 2 per cent. The bank does not take US residents.
Gibraltar International Bank is the locals' bank: its personal account requires a Gibraltar tax number. There is an international banking team for clients outside Gibraltar, but the bank gives its terms only on request. NatWest International opens personal and business accounts in Gibraltar only for residents of the Channel Islands, the Isle of Man and Gibraltar.
Xapo Bank is a special case: a Bitcoin-focused bank with a membership fee of $1,000 a year, refundable within 30 days. Its deposits are covered by the scheme up to £120,000. Which countries of residence it accepts we could not confirm from its own pages, so check its eligibility for your country before you apply.
Gibraltar and the CRS
Gibraltar banks report accounts under the CRS and FATCA through the tax office's AEOI portal, and Gibraltar is on the list of jurisdictions exchanging with the UK and the rest of the CRS world. Your account is reported to your country of residence, and you declare the income there. More in the CRS and the islands.
Living in Gibraltar, and a second view
Move to Gibraltar and every local bank opens its doors. What the move itself involves is covered in our Gibraltar island guide. For a second look at Gibraltar as a banking centre from the account holder's side, see Freedom Banking on Gibraltar.
Who Gibraltar suits
Gibraltar is a fit if you want a sizeable sterling balance under strong protection and you reach a private bank's threshold. £120,000 per bank is more than twice what Jersey, Guernsey and the Isle of Man offer, and it covers companies as well. If you are moving to Gibraltar anyway, the local banks are open to you in any case.
It is a poor fit for a simple everyday account without residence. The locals' bank wants a Gibraltar tax number, NatWest International only takes island and Gibraltar residents there, and private banking starts at six figures. For that case the international accounts in Jersey and the Isle of Man, described under Crown Dependency banking, are the better choice.
Frequently asked questions
Is Gibraltar safer than Jersey?
On deposit protection, yes: £120,000 instead of £50,000, and companies are covered too. It says nothing about the strength of any individual bank.
Does the UK FSCS cover Gibraltar?
No. Gibraltar runs its own guarantee scheme, with the same £120,000 limit.
Can I open an account with Gibraltar International Bank if I live abroad?
The personal account is built for residents and requires a Gibraltar tax number. Clients from outside go through the international banking team, whose terms the bank gives on request.
Sources: Gibraltar Deposit Guarantee Board: Compensation information; Gibraltar Deposit Guarantee Board: Banks covered; Trusted Novus Bank: Private banking; Trusted Novus Bank: General fees April 2026; Gibraltar International Bank: Personal account; Xapo Bank: Membership; HM Government of Gibraltar: AEOI portal
