How secure is the Cash savings hub?
Your money in the Cash savings hub is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per bank or, if more than one bank is covered by the same banking license, £85,000 across all banks with the same banking license. This protection is the maximum compensation payable under the FSCS to an individual on the failure of a UK authorised and regulated bank and may change from time to time. Keep in mind that you may exceed the £85,000 compensation limit if you have money outside the Cash savings hub that shares the same banking licence. So it’s worth checking that you’re fully covered.
Starling Bank and all of our partner banks are authorised and regulated by the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) and their savings account are covered by the FSCS. Meteor Asset Management is authorised and regulated by the FCA and also covered by the FSCS.
The FSCS aims to pay your money back to you within seven working days if the bank who holds your deposit fails.