Savings

Deposits held with UK banks, building societies and credit unions are covered by the Financial Services Compensation Scheme up to £85,000 per person, per authorised institution. The FSCS covers each banking group separately, so savings spread across brands owned by the same group share a single limit.

uk, where you can search by name and confirm its authorisation status. Banks and building societies also appear on the Prudential Regulation Authority's list of authorised firms, and a genuine provider will display its FRN number on its website.

Compare the interest rate, whether it is fixed or variable, and how long the rate is guaranteed to last before it changes. Also check the minimum deposit, withdrawal rules, any notice periods and whether the account is an easy access, fixed term or cash ISA product.

Cash ISAs hold deposits and fall under FSCS protection up to £85,000 per person, per institution, in the same way as ordinary savings accounts. Stocks and shares ISAs hold investments rather than deposits, so they are covered by the FSCS only if the provider fails and owes you money, and investment losses from market falls are not protected.

You provide your name, address, date of birth, National Insurance number and proof of identity, which the provider checks as part of its anti-money laundering obligations under the Money Laundering Regulations 2017. You then fund the account by transfer from a UK bank account in your own name, and the provider confirms opening in writing once the application is complete.

Cancellation rights depend on the product, and most fixed term and easy access accounts can be closed by giving the notice the terms require. Early withdrawal from a fixed term account cannot be done without losing interest, so read the early access terms before you commit.