Protecting your savingsMortgage and investment protection

Mortgage advice and investments should be protected too

The Financial Service Compensation Scheme also covers investments, mortgages and insurance, up to certain limits. These limits vary depending on the type of product you have with the bank - the list below highlights compensation levels for the most commonly held products.

Each product type is treated independently, so if you bank and invest, for instance with the same provider you would be entitled to compensation for each of the products you hold, up to the FSCS limits.

Investment and insurance protection limits

The limits for each product area are:

• Investments 100% of the first £50,000 (prior to 1 January 2010 the cover was 100% of the first £30,000 and 90% of the next £20,000)
• Mortgage advice and arranging  100% of the first £50,000 (previously 100% of the first £30,000 and 90% of the next £20,000)
• Long-term insurance (e.g. life assurance)  90% of the claim
• Compulsory general insurance (e.g. third-party motor insurance)  100% of the claim
  Non-compulsory general insurance (e.g. home insurance): 90% of the claim (prior to January 2010 cover was 100% of the first £2,000, plus 90% of the rest)
• General insurance advice and arranging  90% of the claim (previously 100% of the first £2,000, plus 90% of the remainder). Advice for compulsory insurance is also protected up to 90% of the claim.

For more expert advice about saving and making the most of your money, read the Which? Essential Guide: Save and Invest .