Is it safe? / Progressive BS

Is Progressive BS safe?

Yes — Progressive BS is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the Progressive Building Society banking licence (Progressive Building Society (mutual)).

Protection

FSCS to £120,000

Licence holder

Progressive Building Society

Parent company

Progressive Building Society (mutual)

Progressive BS's current savings rates

1 Year Double Access Saver Account (Issue 2)4.5% AER

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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.