SAVINGS ARE SAFE UP TO £85,000

METRO Bank is signed up to the Financial Services Compensation Scheme – meaning customers’ money is legally protected.

The FSCS will cover savings of up to £85,000 per person if a bank goes bust.

This scheme was beefed up after the 2007 failure of Northern Rock, which suffered the first run on a British bank for 150 years as confidence collapsed and customers queued up to get their funds.

It means customers can be confident that whatever happens at their bank, their nest egg will be safe, up to the £85,000 limit. Joint accounts are covered up to £170,000.

Businesses typically also have the same £85,000 of protection, although the FSCS says this can depend on what type of banking service they are using.

The content of safe deposit boxes is not covered, although customers would almost certainly be able to retrieve any items if the bank failed.

The FSCS is funded by a levy on all banks, insurers and investment firms.