FSCS Depositor Guarantee

Deposits made by private individuals to credit unions, including Eastern Savings and Loans Credit Union, are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme.  We want you to fully understand how your money is protected by the FSCS:

  • Limit of protection: £85,000 per depositor per bank/building society/credit union.
  • If you have more eligible deposits with us, all your eligible deposit at the are “aggregated” and the total subject to the limit of £85,000
  • If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately
  • Reimbursement period in case of Eastern Savings and Loans Credit Union failure: 20 working days
  • Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State
  • To contact FSCS for further information on compensation: Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU.  Or you can telephone 0800 678 1100 or 020 7741 4100, or you can email them on ICT@fscs.org.uk


A deposit is excluded from FSCS 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 funds
      - Public authority, other than a small local authority

The following are deposits, categories of deposits or other instruments, which will no longer be protected from 3rd July 2015:

  • Deposits of a credit union to which the credit union itself is entitled
  • Deposits which can only be proven by a financial instrument (unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014)
  • Deposits of a collective investment scheme which qualifies as a small company
  • Deposits of a collective investment services institution which qualifies as a small company
  • Deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or small company should refer to the FSCS for further information on this category

For further information, please visit http://www.fscs.org.uk.