Is it safe? / Ulster Bank
Is Ulster Bank safe?
Yes — Ulster Bank is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the National Westminster Bank plc banking licence (NatWest Group plc). Important: that limit is shared with NatWest, NatWest Premier, Mettle, AA, SAGA, Saga — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
National Westminster Bank plc
Parent company
NatWest Group plc
The shared-limit catch
Ulster Bank shares its banking licence with NatWest, NatWest Premier, Mettle, AA, SAGA, Saga. 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)
AA Savings and new Saga accounts (opened since July 2025) are provided by NatWest Boxed on this licence. Legacy Saga accounts remain with Goldman Sachs and share Marcus's limit instead.
Ulster Bank's current savings rates
- Limited Edition Saver Account - Issue 34.3% AER
From the daily rates scrape. Compare every provider →
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.