Is it safe? / Halifax
Is Halifax safe?
Yes — Halifax is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the Bank of Scotland plc banking licence (Lloyds Banking Group plc). Important: that limit is shared with Halifax Reward, Bank of Scotland, Birmingham Midshires, BM Savings, Intelligent Finance — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
Bank of Scotland plc
Parent company
Lloyds Banking Group plc
The shared-limit catch
Halifax shares its banking licence with Halifax Reward, Bank of Scotland, Birmingham Midshires, BM Savings, Intelligent Finance. If you hold savings with more than one of these, the £120,000 FSCS limit applies to the combined total — not per brand. Spreading large balances across different licences keeps every pound protected. Check your spread →
The fine print (verified July 2026)
Covers Halifax and Bank of Scotland together — one limit across both brands, but separate from the Lloyds-brand licence.
Worth knowing
FSCS also covers temporary high balances (house sale, inheritance) up to £1.4m for six months (raised December 2025). Compensation is automatic if a firm fails — typically paid within seven days.