Savings Belong With an Authorised Institution
Savings are deposits only when they are held with a bank, building society or credit union authorised in the UK. Each of these appears on the FCA Register, which records that it is authorised by the Prudential Regulation Authority and regulated by both the FCA and the PRA.
Begin with the name of the institution that will hold the money, which may differ from the name on an advert or a website. A comparison site, a broker or a savings group may introduce an account, but the deposit itself must sit with an authorised institution that can be named.
Use the Register's Contact Details, Not the Offer's
Search the FCA Register for the institution and confirm that it is authorised and holds permission to accept deposits. Note the website and telephone number the Register shows.
Fraudsters often copy a real bank's name and reference number and supply their own website, email address and telephone number. Contact the institution through the details on the Register, and ask whether the offer you received is one of its own.
Know What the FSCS Protects
The Financial Services Compensation Scheme protects eligible deposits up to £120,000 per person at each authorised institution, a limit that rose from £85,000 on 1 December 2025. Some banks trade under several brand names on a single authorisation, and the limit then applies once across all of them.
The protection follows the deposit to the authorised institution. Money paid to a firm that only borrows a bank's name, or to an account held by someone else, falls outside the scheme.
Compare the Rate With the Market
A fixed-rate bond advertised far above the best rates on mainstream comparison tables deserves a closer look. An authorised institution competes for deposits in an open market, and a rate well beyond that market is a reason to confirm the offer with the institution directly.
Confirm the Account Before You Pay
A genuine deposit is paid into an account in the name of the bank or building society, or into a new account in your own name at that institution. When you set up the payment, your bank's Confirmation of Payee check shows whether the account name matches the name you expect.
A request to pay a personal account, an account in another company's name or a crypto wallet is a reason to stop and check the institution through the FCA Register before going further.
How MetaAshes Examines This
A MetaAshes assessment cross-references a firm's details against the official record in a single pass. For this question, the most relevant checks include:
- Authorisation status
- Scope of regulatory permissions
- Ownership of the reference number
- Official website on record
- Official telephone number on record
- FCA Warning List screening
- Payee name verification
Frequently Asked
Is a fixed-rate bond covered by the FSCS?
A fixed-rate savings bond held with an authorised bank, building society or credit union is a deposit, covered up to £120,000 per person at each institution. A bond issued by a company to raise money is an investment, and falls outside the deposit protection.
How can I tell a genuine bank from a clone?
Find the bank on the FCA Register and call or write to the bank using the website and telephone number the Register shows. A clone uses the genuine name with different contact details, so the details you were given will not match the Register.
Can MetaAshes check a savings offer?
Yes. An assessment compares the institution, the contact details and the payment details you were given with the FCA Register, the FCA Warning List and other official records, and shows where they disagree.
This guide is provided for general information and does not constitute financial or legal advice.