There are lots of hoops that banks need to jump through in order to get a banking licence and to be authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). For starters, they’ll need to prove the safety and soundness of their company.

As long as they’re authorised, they‘ll be covered by the Financial Services Compensation Scheme (FSCS). This protects up to £85,000 of your eligible deposits. It doesn’t differ depending on the size of the bank, so smaller banks get the same protection as larger high street banks. But be aware that the £85,000 limit applies to each banking licence. If your bank shares a licence with another, you’ll only get a total of £85,000 protection across both under the FSCS.

You can check to see if your bank shares a licence with another through the Financial Conduct Authority’s Financial Services Register.

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The Active Savings service is provided by Hargreaves Lansdown Savings Limited (company number 8355960). Hargreaves Lansdown Savings Limited is authorised and regulated by the Financial Conduct Authority (firm reference number 915119). Hargreaves Lansdown Savings Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 with firm reference 901007 for the issuing of electronic money. Hargreaves Lansdown Asset Management Limited and Hargreaves Lansdown Savings Limited are subsidiaries of Hargreaves Lansdown plc (company number 212214).