Part of our Chase UK Bank — Complete Guide 2026.
Chase UK is a trading name of J.P. Morgan Europe Limited, a fully authorised UK bank, and your deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person — a limit that rose from £85,000 on 1 December 2025. Here is exactly what that means for Chase customers.
Chase UK Is a Full Authorised Bank
Chase is a trading name of J.P. Morgan Europe Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This is the same dual regulatory status as Barclays, Lloyds, NatWest, HSBC, Nationwide, Starling, and Monzo.
Authorised banks in the UK are required to participate in the FSCS. This means if Chase UK were to fail, the FSCS would compensate eligible customers for deposits up to the limit.
Chase UK FCA registration: You can verify Chase’s regulatory status on the FCA register at register.fca.org.uk — search for “J.P. Morgan Europe Limited” or “Chase Bank UK.”
FSCS Protection: What It Covers
| Protection Level | Amount |
|---|---|
| Individual accounts (from 1 December 2025) | £120,000 per person |
| Individual accounts (30 January 2017 – 30 November 2025) | £85,000 per person (historical limit — no longer current) |
| Joint accounts | £120,000 per eligible person — e.g. £240,000 total for a standard two-person joint account |
| Temporary high balance | Up to £1.4 million for 6 months (unlimited for personal injury, disability, or incapacity claims) |
What “Per Authorised Institution” Means
The £120,000 limit applies per authorised institution, not per account. If you have:
- A Chase current account with £60,000
- A Chase savings account with £70,000
Your total held with Chase is £130,000, but only £120,000 is protected — £10,000 would be unprotected. The Chase UK savings account and current account sit under the same banking licence, so they share the single £120,000 limit.
If you hold above £120,000 in total, spread deposits across multiple FSCS-protected institutions to ensure full coverage.
Temporary High Balance Protection
If you receive a large one-time sum — house sale proceeds, redundancy payment, personal injury award, inheritance — FSCS temporarily raises the limit to £1.4 million for 6 months from the date of deposit (protection is unlimited for personal injury, disability, or incapacity compensation). Qualifying events include:
- Sale of your main home, property purchase, or equity release
- Insurance payouts and retirement benefits
- Redundancy payments
- Inheritances
- Divorce or civil partnership dissolution settlements
- Compensation claims, including personal injury, disability, or incapacity
After 6 months, the standard £120,000 limit applies. Move any excess into additional FSCS-protected accounts before the window closes.
How FSCS Compensation Works
If a bank fails, FSCS aims to compensate eligible depositors quickly for most straightforward claims. Compensation is:
- Automatic for most straightforward cases — you do not need to make a formal claim
- Paid directly to you by bank transfer to a separate account
- Capped at the £120,000 limit (or the relevant temporary high balance limit)
The FSCS is funded by levies on financial services firms. It is a statutory scheme established under UK law, not funded directly by the taxpayer.
Chase UK vs Other Banks — FSCS Comparison
| Bank | FSCS Protected? | Regulatory Status |
|---|---|---|
| Chase UK | ✅ Yes (up to £120,000) | Authorised bank (PRA/FCA) |
| Monzo | ✅ Yes (up to £120,000) | Authorised bank |
| Starling | ✅ Yes (up to £120,000) | Authorised bank |
| Nationwide | ✅ Yes (up to £120,000) | Authorised building society |
| Barclays | ✅ Yes (up to £120,000) | Authorised bank |
| Revolut | ✅ Yes (UK banking licence, since 2024) | Authorised bank — confirm current product-level coverage at revolut.com |
| Wise | ❌ No — safeguarded funds | E-money institution |
The £120,000 limit applies across all these institutions as of 1 December 2025. Chase is as safe from a deposit protection standpoint as any high-street bank.
Protecting Savings Above £120,000
For amounts above £120,000 held at Chase, spread the excess across additional FSCS-protected banks. Each institution’s limit applies separately:
- Monzo and Starling are separately FSCS-protected from Chase
- Any high-street bank gives another £120,000 of coverage
- NS&I (National Savings & Investments) products are 100% backed by HM Treasury with no upper limit
Spreading across institutions takes a few minutes to set up and ensures everything above £120,000 remains protected.
What FSCS Does NOT Cover at Chase
- Any amount above the £120,000 limit (or the £1.4 million temporary high balance limit, where applicable)
- Business accounts — Chase does not currently offer business banking in the UK
- Losses from your own spending or cashback decisions