How is my money held in my Cash savings hub?
In the Cash savings hub, your money is either held in your transit account, with Meteor Investment Management Limited, or with the partner bank that operate the savings account you’ve chosen.
Your transit account is the 'holding area’ for your Cash savings hub. Any money you pay into the Cash savings hub is held in your transit account until there is sufficient money available to fund your savings account application. It’s then transferred automatically to open your account. After a savings account closes, the money – and any interest or profit you’ve earned – will transfer back to your transit account. You can then decide to deposit it into another savings account, or withdraw it to your registered bank account.
Your transit account is unique to you, with your own account number and sort code. It’s operated by our partner, Starling Bank. It's intended only as a temporary holder for your money and doesn’t pay any interest.
Your transit account is operated by our partner, Starling Bank, who are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Money held in your transit account is protected under the FSCS.
Meteor Investment Management Limited
Meteor provides a bare trustee service for savings accounts operated by our panel banks on a pooled basis. Deposits are held with the bank in the name of Meteor Investment Management Limited, who act as trustee on your behalf and on behalf of other customers investing in the same savings account. Meteor is regulated by the FCA and any money and assets held with them are covered by the FSCS.
Your savings will be held with one of our panel of banks. To keep you and your savings secure, we only work with partner banks who have passed due diligence checks. To be considered, each partner bank must be:
- Authorised by the Prudential Regulation Authority (PRA)
- Regulated by the Financial Conduct Authority (FCA) and PRA
- Covered by the Financial Services Compensation Scheme (FSCS)
- 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?