International High-Yield Savings Accounts: Find Your Own Deposit Protection
ModernWallet's high-yield savings account content is built around U.S., FDIC-insured banks. If you live outside the United States, FDIC insurance does not apply to your deposits at all, even if a foreign bank shares a name or brand with a U.S. one.
This guide points you toward your own country's official deposit protection scheme instead.
Why FDIC insurance is a U.S.-only protection
FDIC insurance covers deposits at FDIC-insured U.S. banks up to $250,000 per depositor, per bank, for each account ownership category. It is a U.S. federal program and does not extend to banks headquartered or operating outside the United States.
Every country with a modern banking system runs its own, separate deposit protection scheme, usually through its central bank or a dedicated deposit insurance agency. The coverage limits, currencies, and rules are set independently by each country.
United Kingdom: the FSCS
UK depositors are protected by the Financial Services Compensation Scheme (FSCS), which covers eligible deposits at UK-authorised banks, building societies, and credit unions. As of December 1, 2025, the FSCS protection limit is £120,000 per person, per authorised institution, up from the prior £85,000 limit.
Check the FSCS's own site to confirm whether your specific bank is covered, since some UK-facing brands are actually operated under a shared banking license.
Zambia and Zimbabwe: newer deposit protection schemes
Zambia introduced the Zambia Deposit Insurance Scheme in 2025, run by the Bank of Zambia, the country's central bank. It covers depositors at licensed banks and deposit-taking financial institutions up to K250,000 per depositor, per institution.
Zimbabwe's Deposit Protection Corporation (DPC) insures deposits at contributing banks. As of July 2026, coverage runs up to US$3,000 per depositor for banks and US$2,000 for deposit-taking microfinance institutions, up from US$1,000 and US$500 previously. Confirm current limits directly with each institution, since these schemes are relatively new and limits can change.
New Zealand: the Depositor Compensation Scheme
New Zealand's Depositor Compensation Scheme (DCS), run by the Reserve Bank of New Zealand, took effect on July 1, 2025. It covers up to NZ$100,000 per depositor, per covered institution, across banks, building societies, credit unions, and some finance companies.
All eligible deposits are automatically covered, so New Zealand savers don't need to apply or opt in.
What to do if your country isn't listed here
Deposit protection schemes exist in most developed and many developing economies, even when they're not covered in this guide. Search for your own central bank's website and look for terms like 'deposit insurance' or 'deposit protection' to find the official page.
If you cannot verify an official deposit protection scheme for your country, treat that as important information on its own. A bank account without any deposit protection carries real risk that a U.S. HYSA does not.
Frequently asked questions
Does FDIC insurance cover my savings account outside the United States?
No. FDIC insurance only applies to deposits at FDIC-insured banks operating in the United States. If you bank outside the U.S., your deposits are protected, if at all, only by your own country's deposit protection scheme.
What is the UK equivalent of FDIC insurance?
The UK's Financial Services Compensation Scheme (FSCS) protects eligible deposits at UK-authorised banks, building societies, and credit unions. As of December 1, 2025, the FSCS limit is £120,000 per person, per institution.
Are savings accounts insured in Zambia and Zimbabwe?
Yes. Zambia's Zambia Deposit Insurance Scheme, run by the Bank of Zambia, covers up to K250,000 per depositor. Zimbabwe's Deposit Protection Corporation covers up to US$3,000 per depositor at banks, as of mid-2026.
What protects savings deposits in New Zealand?
New Zealand's Depositor Compensation Scheme, run by the Reserve Bank of New Zealand, covers up to NZ$100,000 per depositor, per covered institution. It took effect on July 1, 2025, and covers eligible deposits automatically.
What if I can't find my country's deposit protection scheme?
Search your central bank's official website for terms like 'deposit insurance' or 'deposit protection.' If you can't verify a scheme exists, treat the lack of protection as a real risk when deciding where to keep savings.
Sources
We prioritize primary sources for rules, formulas, rates, limits, and definitions. See our calculator methodology and editorial policy.