Sainsburys bank account

Kez999

Hi, I recently closed my Sainsburys Bank accounts (x2) and on the back of the statments it says: Important information about compensation arrangements. this account is eligible for compensation under the FSCS. What does this mean, and should I do something??
Many thanks

[Deleted User]

Yes. If Sainburys collapse and lose your money, apply to the FSCS to be compensated.

I think they're ok at the moment though.

Nearlyold

Kez999 wrote: »

Hi, I recently closed my Sainsburys Bank accounts (x2) and on the back of the statments it says: Important information about compensation arrangements. this account is eligible for compensation under the FSCS. What does this mean, and should I do something??
Many thanks

It doesn't mean you are currently due some compo if that's what you're hoping. The same info appears on documentation from all UK regulated financial businesses. If you google Financial Services Compensation Scheme you'll get all the info from the FSCS you need.