How are my savings protected in my Cash savings hub?
All the partner banks on our panel are authorised by the Prudential Regulation Authority (PRA), regulated by the Financial Conduct Authority (FCA), are covered by the FSCS. This means that if a panel bank failed and wasn’t able 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 won’t be covered by the FSCS, but could still be reclaimed from the bank through the insolvency process (though there are no guarantees, and it could take some time to claim).
How do I make a claim?
If your bank fails and you think you have a claim, you can make your claim directly with the FSCS. If your claim is upheld, the FSCS should then automatically return your money (up to the £85,000 limit described above).
When your money is returned can vary, depending on the bank or banking group you’re saving with. If the bank holds your money directly, you should get it back within one week. If they hold your money in a ‘trust’ model (meaning it’s held through Meteor Asset Management), it can take up to three months – but usually happens a lot sooner.
- What is the make good policy?
- 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?
- Why do I need to pay £1 into my Cash savings hub before I can fund it from my Dealing account?
- What is the minimum amount I need to deposit to open a Cash savings hub?