Sovereign Credit Union is a proud member of the Financial Services Compensation Scheme (FSCS), offering you peace of mind and financial security.
The FSCS serves as a safety net, providing compensation to depositors in case Sovereign Credit Union Limited faces financial difficulties. This coverage is applicable to the majority of depositors, encompassing both individuals and small businesses, ensuring their interests are safeguarded.
For depositors, here's what you need to know: an eligible depositor is entitled to make a claim of up to £85,000. In cases of joint accounts, each account holder is treated individually, allowing two eligible depositors sharing a joint account to claim up to £85,000 each (resulting in a potential total of £170,000 for protected deposits).
It's important to note that the £85,000 limit applies to the combined balance across all eligible depositor accounts with Sovereign Credit Union, inclusive of their respective portions in any joint accounts. This limit doesn't apply to each separate account held.
For more comprehensive details about the FSCS scheme, including the coverage amounts and eligibility criteria for claims, feel free to get in touch with us. Alternatively, you can refer to the official FSCS website at www.FSCS.org.uk. Your financial security is our priority, and we're here to provide you with the information you need.