Is it safe? / HSBC
Is HSBC safe?
Yes — HSBC is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the HSBC UK Bank plc banking licence (HSBC Holdings plc). Important: that limit is shared with HSBC Advance, HSBC Premier, First Direct, M&S Bank — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
HSBC UK Bank plc
Parent company
HSBC Holdings plc
The shared-limit catch
HSBC shares its banking licence with HSBC Advance, HSBC Premier, First Direct, M&S Bank. 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 →
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.