Important Information about compensation arrangements
Your eligible deposits with Aldermore 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 unless they fall under the FSCS protection for Temporary High Balances (THBs) - exceptional and short-lived deposits resulting from certain major life events.
Due to the impacts of coronavirus the THB protection, which usually applies for six months, has temporarily been extended and will apply for 12 months. It will return to six months for deposits made from 1 February 2021.
You can find out more about THBs in the FSCS leaflet below and on the FSCS website.
Please note that the FSCS won’t cover any deposits received before your savings account is open, as we won’t be able to allocate them to your account. You should wait until we’ve confirmed that your account is open before you send a deposit, and you’ll need to quote the account number or reference that we give you.
You can find our FSCS information with details about eligibility here.
Please click here for the FSCS leaflet or visit www.fscs.org.uk