Last updated 23 October 2026. All limits checked against the official scheme or regulator pages on 23 October 2026.
This is general information, not financial or legal advice. Limits and eligibility can change, so check the scheme’s own website before you rely on a figure.
Short answer
Deposit protection pays you back, up to a limit, if a licensed bank fails. Each country runs its own scheme with its own limit, usually per person, per bank. Balances held with e-money or payment firms such as Wise and Payoneer are not bank deposits, so they are not covered by these schemes in the same way. Those firms must safeguard your money instead. That means keeping it separate from their own funds. It is not a guaranteed payout.
Deposit protection limits by country
| Country or region | Scheme | Limit | How the limit applies | Official source (checked 23 October 2026) |
|---|---|---|---|---|
| United Kingdom | Financial Services Compensation Scheme (FSCS) | £120,000 | Per person, per firm, across current, savings and fixed-term deposit accounts. The FSCS says the limit rose to £120,000 from December 2025. | FSCS: check your money is protected |
| United States | Federal Deposit Insurance Corporation (FDIC) | $250,000 | Per depositor, per FDIC-insured bank, for each account ownership category (for example single, joint, certain retirement accounts). | FDIC: understanding deposit insurance |
| European Union | National deposit guarantee schemes under Directive 2014/49/EU | €100,000 | For the total deposits of each depositor at the same bank. Some deposits, such as proceeds of a private home sale or deposits linked to life events, get higher protection for a limited period. The 2014 directive set that period at 3 to 12 months; Directive (EU) 2026/804 amends Article 6, so check your national scheme for the current period. | Directive 2014/49/EU, Article 6 |
| Canada | Canada Deposit Insurance Corporation (CDIC) | C$100,000 | Per category, including principal and interest. Categories such as single-name deposits, joint deposits and RRSPs are each insured separately. | CDIC: your coverage |
| Australia | Financial Claims Scheme (FCS) | A$250,000 | Per account holder, per authorised deposit-taking institution incorporated in Australia. Applies to Australian-dollar deposits only. | APRA: accounts covered by the FCS |
| New Zealand | Depositor Compensation Scheme (DCS) | NZ$100,000 | Per deposit taker, for money in DCS-protected accounts. The scheme started on 1 July 2025. | Reserve Bank of New Zealand: DCS |
| Singapore | Singapore Deposit Insurance Corporation (SDIC) | S$100,000 | Insured deposits are added together per depositor, per scheme member bank or finance company. | SDIC: Deposit Insurance Scheme |
| Philippines | Philippine Deposit Insurance Corporation (PDIC) | ₱1 million | Per depositor, per bank, effective 15 March 2025. | PDIC |
The limits are in each scheme’s own currency. Converting them into another currency gives a rough comparison only.
E-money and payment accounts are not bank deposits
Many people who live or work abroad hold money in multi-currency accounts with firms such as Wise or Payoneer. Those firms are generally e-money or payment institutions, not banks.
| Question | Bank deposit | E-money or payment firm balance |
|---|---|---|
| Covered by the national deposit scheme? | Yes, up to the limit, if the bank is a scheme member and the account type is eligible. | No. The FCA says money with a non-bank payment provider is not protected by the FSCS. |
| What protects it instead? | The compensation scheme pays out up to the limit. | Safeguarding: the firm must keep customer money separate, usually in a bank account, or protect it with insurance or a guarantee. |
| If the firm fails | Compensation up to the limit. | The FCA says you should get most of your money back, but it may take time and may not be the full amount, because the administrator’s costs can be taken first. |
- Wise: Wise’s help centre says it does not lend out customer money and safeguards it instead of being covered by a deposit scheme like the FSCS. (Wise: is my money protected?, checked 23 October 2026.)
- Payoneer: Payoneer’s US terms say funds “do not constitute deposits”, that FDIC or other government-sponsored insurance does not apply, and that you may lose the stored value if Payoneer becomes insolvent, although customer funds are segregated. Its UK entity says its funds are not covered by the FSCS but are safeguarded under the FCA’s rules. (Payoneer Terms and Conditions, section 3.5; Payoneer UK licence FAQ, both checked 23 October 2026.)
- “FDIC-insured” fintech apps: the FDIC says non-bank companies are never FDIC-insured themselves. Your money may get pass-through cover only once it is placed with an insured bank and the records requirements are met. FDIC insurance does not protect against the non-bank company’s own failure. (FDIC: banking with third-party apps, checked 23 October 2026.)
What changes when you live abroad
- Cover depends on where the bank is licensed, not your passport. For example, APRA says residency and citizenship do not affect whether an Australian deposit is covered.
- Currency can matter. Australia’s FCS does not cover accounts held in foreign currencies. If you hold other currencies, check the scheme’s rules for each one.
- Branches can be excluded. Australia’s FCS does not apply to branches of foreign banks in Australia or to overseas branches of Australian banks.
- Brands can share one licence. In Australia and the UK the limit applies per licensed institution, so two brands of the same bank may share one limit.
FAQ
Is money in Wise protected by the FSCS?
No. Wise is not a bank. It safeguards customer money rather than being covered by the FSCS, according to its help centre, checked on 23 October 2026.
Is my Payoneer balance FDIC-insured?
No. Payoneer’s US terms say FDIC or other government-sponsored insurance does not apply to funds held with Payoneer.
How much is protected if a UK bank fails?
Up to £120,000 per person, per firm, under the FSCS.
How much is protected if a US bank fails?
Up to $250,000 per depositor, per FDIC-insured bank, for each ownership category.
How much is protected in the EU?
€100,000 per depositor, per bank, under Directive 2014/49/EU, with temporary higher protection for some deposits. Directive (EU) 2026/804 amends these rules, so check the national scheme for details.
Does New Zealand have deposit insurance?
Yes. The Depositor Compensation Scheme has covered up to NZ$100,000 per deposit taker since 1 July 2025, for DCS-protected accounts.
Sources
All sources were checked on 23 October 2026.
- FSCS: check your money is protected. £120,000 per person per firm.
- FDIC: understanding deposit insurance. $250,000 per depositor, per insured bank, per ownership category.
- FDIC: banking with third-party apps. Non-bank companies and pass-through cover.
- Directive 2014/49/EU on deposit guarantee schemes, Article 6.
- CDIC: your coverage. $100,000 per category.
- APRA: types of accounts covered under the FCS and APRA: deposit checker. $250,000, Australian dollars only, residency not relevant, branch exclusions.
- Reserve Bank of New Zealand: Depositor Compensation Scheme. $100,000 from 1 July 2025.
- SDIC: Deposit Insurance Scheme. S$100,000.
- PDIC. ₱1 million from 15 March 2025.
- FCA: using payment service providers. No FSCS cover for e-money and payment firms; safeguarding.
- Wise: is my money protected?
- Payoneer Terms and Conditions (US) and Payoneer UK licence FAQ.
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