The Jersey Bank Depositors Compensation Scheme (JDCS) is a safety net designed to protect your savings if a bank fails. Here are the five key facts you need to know.
Discover key features and details about the JDCS in our factsheet below.
The Scheme protects up to £50,000 per eligible depositor, per Jersey banking group.
The Scheme covers:
(Note: Companies and Trusts are not covered unless they are Jersey registered charities)
We aim to send you a cheque for compensation within 7 working days of the bank failing.
You do not need to fill out an application form to claim your money. If a bank is put into liquidation, we automatically calculate the amount you are owed using the bank’s records.
If you have a loan, mortgage, or credit card debt with the failed bank, we will not deduct this from your savings compensation.
Download our JDCS Factsheet for detailed information. Have more questions? Read our Frequently Asked Questions.
The Scheme is designed to protect “eligible depositors” in the event that a Jersey bank fails, promoting financial stability and serving as a safety net for essential savings. The key features of the Scheme are:
The Scheme protects money held by individuals and Jersey registered charities in an account or accounts with Jersey banks. This generally includes money held in Jersey bank accounts by:
Depositors are protected up to a maximum of £50,000 per eligible depositor per Jersey banking group.
If you have joint accounts, the above limit will apply for each individual.
If you have accounts in your name but for the benefit of a child, the child will count as a depositor, and the above limit will apply to them in respect of any accounts for their benefit.
Compensation available from the Scheme is not guaranteed. The ability of the Scheme to pay compensation relies on it having adequate funding to do so.
The Scheme is funded from a combination of a loan from the States of Jersey, levies received from Jersey Banks, and recoveries from the liquidation of the failed bank.
If there is insufficient funding available to the Scheme, the level of compensation paid by the Scheme will be reduced. In such circumstances, the JRDCA will make further payments of compensation (up to the maximum limit) as and when more funding becomes available to the Scheme (for example proceeds from the liquidation of the failed bank).
The Scheme covers all banks that are registered to operate in Jersey under the Banking Business (Jersey) Law 1991.
A list of banks covered by the Scheme is available below.
To be protected by the JDCS, deposits must be placed in an account held in Jersey with banks that are registered and regulated by the Jersey Financial Services Commission. The following Jersey registered banks may hold eligible deposits:
Banks grouped for the purposes of Article 142H of the Bank (Recovery, Resolution and Depositors Compensation) (Jersey) Law 2017:
Each of the above groups will be taken to be one bank for the purposes of paying compensation to eligible depositors.
Where a depositor has accounts with more than one bank in the same group, these accounts will be protected collectively up to £50,000 in total.