How are my savings protected in my Cash savings hub?
All of the partner banks on our panel are authorised by the Prudential Regulation Authority (PRA), regulated by the Financial Conduct Authority (FCA) and are covered by the FSCS. This means that if a panel bank were to fail and is unable to pay its debts, the FSCS will compensate you for any eligible deposits you hold with that banking license, up to £85,000. Any deposits you hold with the bank above this limit will not be covered by the FSCS, but could still be reclaimed from the bank through the insolvency process (there are no guarantees and it could take some time to claim).
- How does the Cash savings hub work?
- How long does it take for payments to clear into/from my transit account?
- What types of notice accounts are available in the Cash savings hub?
- What is the make good policy?
- What is the minimum amount I need to deposit to open a Cash savings hub?
- How do I find out my transit account sort code and account number?