Is it safe? / Lloyds
Is Lloyds safe?
Yes — Lloyds is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the Lloyds Bank plc banking licence (Lloyds Banking Group plc). Important: that limit is shared with Club Lloyds, Lloyds Club, Lloyds Premier, MBNA, Scottish Widows Bank, Lloyds Bank Private Banking — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
Lloyds Bank plc
Parent company
Lloyds Banking Group plc
The shared-limit catch
Lloyds shares its banking licence with Club Lloyds, Lloyds Club, Lloyds Premier, MBNA, Scottish Widows Bank, Lloyds Bank Private Banking. 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)
Separate licence from Halifax/Bank of Scotland — despite the shared group, Lloyds-brand and Halifax-brand deposits each get their own limit.
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.