Many customers choose to access Castle Trust Bank savings products through savings platforms. These platforms offer a convenient way to compare rates and manage savings accounts with multiple banks through a single application and login. In many cases, they’re available as part of a customer’s existing financial relationship.
While this convenience can be valuable, it’s important that customers understand how Financial Services Compensation Scheme (FSCS) protection applies when using savings platforms.
How FSCS protection applies
The FSCS protects eligible deposits held with UK-authorised banks, building societies and credit unions if a firm fails.
Since 1 December 2025, the standard FSCS deposit protection limit has been £120,000 per eligible person, per authorised banking institution. Joint accounts may benefit from separate protection for each account holder, subject to FSCS rules.
One area that can sometimes cause confusion is how the protection limit is calculated. The limit applies to the total amount held with the same authorised bank or banking group, rather than separately for each account or savings platform.
This means that if a customer holds savings directly with a bank and also holds savings with the same bank through one or more savings platforms, those balances will be added together when calculating FSCS protection.
For example, if a customer holds £80,000 directly with Castle Trust Bank and a further £50,000 in Castle Trust Bank deposits through one or more savings platforms, the combined balance of £130,000 would be taken into account when assessing the amount covered by FSCS protection.
Why this matters when using savings platforms
Savings platforms have become increasingly popular because they make it easier for customers to access and manage their savings. Many platforms also provide tools that can help customers spread deposits across different banking institutions and make the most of available FSCS protection.
However, customers using more than one platform may not always realise that deposits held with the same bank through different routes are still treated as being held with the same institution for FSCS purposes.
As a result, customers could unintentionally hold more than the FSCS compensation limit with a single bank or banking group.
Regularly reviewing where savings are held can help customers make informed decisions and ensure deposits remain aligned with their personal preferences and understanding of FSCS protection.
Saving with Castle Trust Bank through partner platforms
Castle Trust Bank works with a number of savings platforms, giving customers access to selected Castle Trust Bank savings products through existing financial relationships.
These include:
- Flagstone
- Hargreaves Lansdown
- Bondsmith
Castle Trust Bank savings products may also be available through these platforms’ wider distribution networks, which means products may appear under other intermediary or partner brands.
Find out more
For more information about FSCS protection and how it applies to savings, visit:
- Financial Services Compensation Scheme (FSCS): https://www.fscs.org.uk
- FSCS Savings Protection Checker: https://www.fscs.org.uk/check/check-your-money-is-protected/
- Bank of England guide to FSCS protection: https://www.bankofengland.co.uk/explainers/what-is-the-financial-services-compensation-scheme
Understanding how FSCS protection works across both direct savings accounts and savings platforms can help customers make informed decisions about where they hold their money and how their eligible deposits are protected.
