AI agents for business finance: what they can and can't do
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The short answer
The FSCS protects up to £120,000 per eligible person per firm, and banks that share one licence count as a single firm. A joint account gives each holder up to £120,000. To protect a larger sum from Nigeria, spread it across banks that hold separate licences, remembering that every account and currency you hold at one licence is added together.
The rule in one line
The FSCS says its protection limit is £120,000 per person per firm. The limit rose from £85,000 on 1 December 2025. Two details decide whether a large transfer from Nigeria is covered:
- Per licence, not per brand. Banking brands that operate under the same licence count as one firm, so £120,000 split across two such brands is covered once, not twice.
- Everything at that firm is added up. Current accounts, savings, fixed-term accounts and currency balances at one licence count towards the same limit.
Joint accounts are treated as belonging equally to each holder, so each holder is covered up to £120,000, which is how HSBC UK describes £240,000 for a joint account.
Working out how many banks you need
Worked example: you bring £400,000 from the sale of Nigerian investments. With a single holder:
| Banking licence | Amount held | Protected |
|---|---|---|
| Licence A | £120,000 | £120,000 |
| Licence B | £120,000 | £120,000 |
| Licence C | £120,000 | £120,000 |
| Licence D | £40,000 | £40,000 |
| Total | £400,000 | £400,000 |
If the same £400,000 sat in a joint account with your spouse at each bank, joint accounts at two licences would cover up to £480,000 between you. Interest that builds up also counts towards the limit, so leave a margin below £120,000 at each firm.
Checking which banks share a licence
Before you split money between two names you know, confirm they are separate firms. The FSCS's "check your money is protected" page lets you check a bank, and banks usually state in their footer or terms which licence they operate under and whether they share FSCS cover with other brands. If a bank says it is part of a group, read further: some group banks have separate licences and some do not.
When the limit is temporarily higher
Some life events raise cover to up to £1.4 million for six months: the FSCS lists the sale of your main home, inheritance, insurance payouts, redundancy and others. If the money from Nigeria comes from one of these, read temporary high balance cover after selling Nigerian property before spreading it.
Practical points when the money arrives
Expect each bank to ask where a large sum came from. UK firms must, under regulation 28 of the Money Laundering Regulations 2017, understand the purpose of a relationship and, where necessary, the source of funds. A source-of-funds guide published by United Trust Bank lists the kind of evidence asked for: bank statements, sale agreements, a gift letter stating source and amount, or proof of an overseas transfer.
- Open the receiving accounts before the money leaves Nigeria; some take a week or more.
- Gather evidence: sale contract, receipts, Nigerian bank statements showing the funds and the outgoing transfer.
- Send to one UK account first if you must, then move tranches to the others within days.
- Keep a simple table of licence, amount and holder, and update it when interest is paid.
Moving the money out of Nigeria legally is covered in moving naira savings out of Nigeria, and what UK banks ask in a UK account frozen after a Nigeria transfer.
Mistakes that leave money uncovered
Most gaps in cover come from small oversights rather than misunderstanding the rule itself.
- Two brands, one licence. Opening accounts with two names from the same group and assuming double cover.
- Forgetting existing balances. An old ISA or savings pot at the same bank counts towards the same £120,000.
- Interest pushing you over. A balance placed at exactly £120,000 is over the limit once interest is added.
- Treating an app as a bank. A balance with an e-money firm has no FSCS cover at all.
- Leaving it in one account "for now". A temporary arrangement that runs for months is the same risk as a permanent one.
The FSCS limit is about bank failure, which is rare. For most readers the bigger risk with a large transfer from Nigeria is the receiving bank pausing it for checks. Spreading the money across several banks also spreads that risk: if one account is held up, the others still work. It is worth telling each bank what is coming before it arrives.
Where Pryme fits
Pryme is not a bank and is not part of the FSCS scheme. Outside Nigeria its activities are carried out through regulated partners. For a large sum you intend to keep in pounds, FSCS-protected bank accounts are the natural home; a Pryme account is useful for the naira side, where deposits are held by a licensed Nigerian microfinance bank and insured by the NDIC up to the applicable limit. See the multicurrency account.
Questions people ask
Is the FSCS limit per account or per bank?
Per person per firm. All your accounts at one banking licence are added together, and brands sharing a licence count as one firm.
Is a joint account covered for £240,000?
Each holder is covered up to £120,000, so a joint account between two people can be covered up to £240,000.
When did the FSCS limit go up to £120,000?
From 1 December 2025, up from £85,000, according to the FSCS.
Are foreign currency accounts covered by the FSCS?
Currency balances at a UK bank count towards the same per-firm limit. HSBC UK states this for its currency accounts.
Sources
- FSCS: Check your money is protected · accessed Oct 2026
- FSCS: Temporary high balances (reviewed 11 May 2026) · accessed Oct 2026
- HSBC UK: What is a currency account · accessed Oct 2026
- legislation.gov.uk: Money Laundering Regulations 2017, regulation 28 · accessed Oct 2026
- United Trust Bank: Source of funds guide (Dec 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.