The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union including their share of any joint account and not to each separate account. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). In respect of deposits, an eligible depositor is entitled to claim up to £85,000. Most depositors - including most individuals and small businesses - are covered by the scheme. The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Important Information about compensation arrangements from the FSCSĭiscovery Credit Union Limited is covered by the Financial Services Compensation Scheme (FSCS). Some changes to the details of the FSCS scheme came into effect on 3rd July 2015.įor further information about the scheme including the amounts covered and eligibility to claim, please refer to the FSCS website ( ) or call 08. The FSCS deposit protection limit changed to £75,000 from £85,000 on 1 January 2016 then back to £85,000 on 30th January 2017. Engage will however ensure that any funds received by you are held in a segregated account so that should we become insolvent your funds will be protected against claims made by our creditors. The official regulatory statement of compensation arrangements from the FSCS is set out below.Įngage Current Accounts and Prepaid cards are NOT covered by the FSCS. Your eligible deposits with Discovery Credit Union Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UKs deposit protection scheme. The FSCS will pay compensation to depositors if a credit union is unable to meet its financial obligations. Important information about compensation arrangementsĭiscovery Credit Union Limited (DCU) is a member of the Financial Services Compensation Scheme (FSCS).
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