The main deposit protection schemes all offer a similar service, though costs for the insured schemes vary. At times when interest rates are low, it usually makes sense to use one of the custodial deposit schemes. These are free and keep your admin to a minimum. Insurance-based schemes make sense if, by retaining the deposit yourself, you can invest it and earn more money than the fees you pay for the scheme. Fundamentally, you have to balance cost and convenience in a way that suits you.