Financial Services Compensation Scheme

Your eligible deposits with Virgin Money plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

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FSCS - Questions and answers

Why has the cover increased by £10,000?

Under the Deposit Guarantee Schemes Directive (DGSD), Member States are required to set the deposit protection limit at €100,000. For those Member States that convert the limit into their national currency, this is refreshed every 5 years. However, due to significant changes in the exchange rates throughout 2016 (post EU Referendum) a decision has been made to increase the cover outside of the usual 5 year review.

What is the impact for me?

Depositors will be protected up to £85,000 with effect from 30 January 2017. Most types of claimants are eligible to claim compensation for deposits. But there are some limited exceptions, such as claimants who are authorised financial services firms or public bodies.