Savings calculator 2026 — UK: interest and the £120,000 FSCS protection

The Financial Services Compensation Scheme (FSCS) protects deposits up to £120,000 per person per authorised bank, building society or credit union; the limit was raised to £120,000 in December 2025.

Example for the default values — change any field and the result updates.

Final amount11,047 GBP
Interest earned1,047 GBP
Covered by the deposit guarantee11,047 GBP
Not covered (above the limit)0 GBP

The result is an estimate, not financial or legal advice. Check the exact terms with the company.

Verified companies: Banks · United Kingdom

  1. 1Barclays93/100
  2. 2HSBC UK93/100
  3. 3NatWest85/100
  4. 4Metro Bank82/100
  5. 5The Co-operative Bank81/100

See the full ranking

How it is calculated

Interest is calculated monthly at the annual rate ÷ 12. With monthly capitalization it is added to the balance and earns interest itself: final amount = amount × (1 + r)^n, where r is the monthly rate and n the number of months. Without capitalization interest is charged on the principal only and paid out: interest = amount × r × n.

A top-up is added at the end of every month except the last and earns interest from the next month. Interest earned = final amount − the deposit − all top-ups.

The insured amount is the part of the final amount (principal plus interest) within the guarantee limit per depositor and bank; the rest is uninsured. The limit applies to all your accounts in one bank together, so add up your other balances there. Taxes on interest and the bank's own day-count rules are not included.

Frequently asked questions

How much does the FSCS protect?

£120,000 per person per firm, across all your eligible accounts there.

Sources