Yes, savings issued by Vanquis Bank Limited are covered by the Financial Services Compensation Scheme (FSCS). Please note that these following trading names are also part of Vanquis Bank Limited:
- Vanquis Bank
- Vanquis Savings
- Vanquis Bank Savings
- Savings accounts under the Snoop brand are also deposits with Vanquis Bank Limited
The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Your eligible deposits with Vanquis Bank Limited are protected up to a total of £120,000. Any deposits you hold above the £120,000 limit are not covered.
For joint accounts, each account holder can claim a maximum of £120,000 (making a total of £240,000). The £120,000 limit relates to the combined amount in all your savings accounts with Vanquis Bank Limited, including your share of any joint account, and not to each separate account.