The Financial Services Compensation Scheme (FSCS) is a UK body which gives you automatic protection up to £85,000 if your bank, building society, or credit union goes out of business.

 

 

Hopefully you’ll never need it, but it’s good to know that your eligible deposits with NOMO MICRO FINANCE BANK are protected up to a total of £85,000 by the FSCS. An eligible deposit is money in accounts such as current and savings accounts, including cash ISAs. 

Please note that the £85,000 will apply to the total of all eligible deposits with NOMO MICRO FINANCE BANK rather than per account or product. Any deposits over this amount are unlikely to be covered.

 

Joint accounts
If you have a joint account, you will each be protected up to £85,000. So, £170,000 in total.

Businesses and charities
In general, deposits from businesses, charities and small local authorities are covered by the FSCS deposit protection up to £85,000, although some exclusions may apply. You can review the eligibility criteria on the FSCS website.

Investment accounts
Any uninvested money held in a NOMO MIRCO FINANCE BANK investment account (such as a NOMO MIRCO FINANCE BANK Impact Investment Account or NOMO MIRCO FINANCE BANK Stocks and Shares ISA) is covered by the FSCS. This includes cash held on the NOMO MIRCO FINANCE BANK crowdfunding platform or in an Innovative Finance ISA.

However, the actual investments (such as the NOMO MIRCO FINANCE BANK Impact Investment Funds and direct investments made on our Crowdfunding platform) are not covered by the FSCS.

For more information, download the FSCS leaflet or visit the FSCS website.