Your deposits are protected
Eligible deposits at Syncroni Savings are protected up to the applicable scheme limit. No action is needed from you.
1. What is FSCS
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit protection scheme. It protects eligible depositors if an authorised firm is unable to pay claims against it. The scheme is funded by levies on authorised financial services firms.
2. What is Covered
The FSCS protects eligible deposits held in GBP accounts at Syncroni Savings. Eligible deposits include current accounts, savings accounts, and ISAs. Protection applies automatically — you do not need to apply or register.
Some deposits are not covered, including deposits from financial institutions, government bodies, and certain large companies. Corporate deposits may have different limits.
3. Coverage Limits
For GBP accounts: the FSCS protects eligible deposits up to £85,000 per eligible depositor per authorised firm. Temporary high balances (such as proceeds from property sales) may be eligible for higher protection of up to £1,000,000 for up to 6 months.
Joint accounts are protected at up to £85,000 per depositor, meaning a joint account is protected up to £170,000 in total.
4. How to Claim
In the unlikely event that Syncroni Savings were to fail, the FSCS would contact eligible depositors directly. You would not normally need to take any action. The FSCS aims to pay protected claims within 7 working days.
For more information about claiming, visit the FSCS website at www.fscs.org.uk.
5. Australian Deposit Protection
For AUD and other non-GBP accounts, deposits are protected under the Australian Government's Financial Claims Scheme (FCS), administered by APRA. Eligible deposits are protected up to AU$250,000 per account holder per ADI.
Both schemes operate independently. If you hold both GBP and AUD accounts, each is protected under its respective scheme up to the applicable limit.
6. Further Information
For more information about deposit protection, contact us at [email protected] or speak with a member of our team. Further information is also available at:
- FSCS (UK): www.fscs.org.uk
- APRA (Australia): www.apra.gov.au
- Financial Claims Scheme: www.fcs.gov.au