Saving with Castle Trust Bank you are FSCS Protected

Your eligible deposits with Castle Trust Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Below is some information on how your savings are protected by the Financial Services Compensation Scheme, this information is also available as a download if you would prefer.

FSCS Information Sheet

Financial Services Compensation Scheme Information Sheet

Basic information about the protection of your eligible deposits
Eligible deposits in Castle Trust Capital plc are protected by:

The Financial Services Compensation Scheme (“FSCS”)1

Limit of protection:

£85,000 per depositor per bank2

The following trading names are part of your bank :"Castle Trust Bank" and "Castle Trust".

If you have more eligible deposits at the same bank :

All your eligible deposits at the same bank are “aggregated” and the total is subject to the limit of £85,000.2

If you have a joint account with other person(s):

The limit of £85,000 applies to each depositor separately.3

Reimbursement period in case of bank’s failure:

20 working days.4

Currency of reimbursement:

Pound sterling (GBP, £).

To contact Castle Trust Capital plc for enquiries relating to your account:

Castle Trust Bank
Freephone: 0808 164 5000 (Monday to Friday, 9am to 5pm)
Post: Castle Trust Bank, PO Box 6965, Basingstoke RG24 4XE
Email: savings@castletrust.co.uk 

To contact the FSCS for further information on compensation:

Financial Services Compensation Scheme
10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: ict@fscs.org.uk

More information:

Additional information

1. Scheme responsible for the protection of your eligible deposit

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

2. General limit of protection

If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers a maximum of £85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.

This method will also be applied if a bank, building society or credit union operates under different trading names. Castle Trust Capital plc also trades under Castle Trust Bank and Castle Trust. This means that all eligible deposits with one or more of these trading names are in total covered up to £85,000.

In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable (temporarily extended to 12 months for eligible deposits which are credited or become legally transferable (whichever is later) before 1 February 2021). These are eligible deposits connected with certain events including: 
(a) certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be obtained under www.fscs.org.uk

3. Limit of protection for joint accounts

In case of joint accounts, the limit of £85,000 applies to each depositor.

However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.

4. Reimbursement

The responsible Deposit Guarantee Scheme is the
Financial Services Compensation Scheme,
10th Floor Beaufort House,
15 St Botolph Street,
London,
EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100 Email: ict@fscs.org.uk

It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.

Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in the case of a depositor which is not an individual or a large company) within 5 working days of a request.

If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.fscs.org.uk 

Other important information

In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.

FSCS Exclusion List

A deposit is excluded from protection if:

(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:

  • credit institution
  • financial institution
  • investment firm
  • insurance undertaking
  • reinsurance undertaking
  • collective investment undertaking
  • pension or retirement fund1
  • public authority, other than a small local authority.

(4) It is a deposit of a credit union to which the credit union itself is entitled.
(5) It is a deposit which can only be proven by a financial instrument2 unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014).
(6) It is a deposit of a collective investment scheme which qualifies as a small company.3
(7) It is a deposit of an overseas financial services institution which qualifies as a small company.4
(8) It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company5 refer to the FSCS for further information on this category.
(9) It is not held by an establishment of a bank, building society or credit union in the UK or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.

For further information about exclusions, refer to the FSCS website at fscs.org.uk

1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.
2 As listed in Part I of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule
3 Under the Companies Act 1985 or Companies Act 2006
4 See footnote 3
5 See footnote 3

Mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage. Loans are subject to status, terms and conditions. This website is for information purposes only. If you are in any doubt regarding suitability of our products please seek advice from an accredited independent mortgage adviser.

Savings
Your eligible deposits with Castle Trust Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information about the compensation provided by the FSCS, refer to the FSCS website at fscs.org.uk.

Castle Trust Bank means Castle Trust Capital plc, a company incorporated in England and Wales with company number 07454474 and registered office at 10 Norwich Street, London, EC4A 1BD. Castle Trust Capital plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under reference number 541910.

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