Are savings apps FSCS protected? Where your money is actually held

Most savings apps and investment platforms are not banks. Your money ends up somewhere else: as a deposit with a partner bank, as e-money the firm must safeguard, as client money it holds on trust, or as units in a money-market fund. Which of these applies decides whether the FSCS protects it, up to how much, and against whose failure. FSCS deposit cover is £120,000 per person per banking licence, so money you place with a bank through an app counts toward the same limit as money you hold with that bank directly.

Platform by platform

App or platformWhat it isWhere the money is held
Chip an FCA-authorised payment institution, not a bank, with a separate investment firm for its ISAs and investments Instant Access, Easy Access and Prize Savings accounts: ClearBank Limited; Chip Cash ISA (closed to new customers): ClearBank Limited; Smart Cash ISA (pooled across partner banks): HSBC Bank plc; Smart Cash ISA (pooled across partner banks): Lloyds Bank plc; Smart Cash ISA (pooled across partner banks): Barclays Bank plc; Smart Cash ISA (pooled across partner banks): Qatar National Bank (Q.P.S.C); Smart Cash ISA (pooled across partner banks): Santander UK plc; Smart Cash ISA (pooled across partner banks): National Bank of Kuwait (International) plc; Smart Cash ISA (pooled across partner banks): Nationwide Building Society (including Virgin Money); Everyday Savings Account (bare trust across partner banks): HSBC Bank plc; Everyday Savings Account (bare trust across partner banks): Lloyds Bank plc; Everyday Savings Account (bare trust across partner banks): Qatar National Bank (Q.P.S.C); Money in transit (pending for 1 to 3 working days): Chip's safeguarded client money account at ClearBank Limited; Stocks and Shares ISA, General Investment Account and pension: Seccl Custody Limited; Money-market fund option: BlackRock ICS Sterling Liquidity Fund (BlackRock Asset Management Ireland)
Hargreaves Lansdown Active Savings an FCA-authorised electronic money institution, not a bank Cash hub (money not yet in a product): Barclays Bank plc; Active Savings and HL Cash ISA products: Aldermore Bank Plc; Active Savings and HL Cash ISA products: Allica Bank Limited; Active Savings and HL Cash ISA products: Arbuthnot Latham & Co (Arbuthnot Direct); Active Savings and HL Cash ISA products: Atom Bank plc; Active Savings and HL Cash ISA products: Bank of London and The Middle East plc; Active Savings and HL Cash ISA products: Birmingham Bank Ltd; Active Savings and HL Cash ISA products: Castle Trust Capital PLC; Active Savings and HL Cash ISA products: Charter Court Financial Services Limited (Charter Savings Bank); Active Savings and HL Cash ISA products: Chetwood Financial Limited; Active Savings and HL Cash ISA products: Close Brothers Limited; Active Savings and HL Cash ISA products: Hampshire Trust Bank plc; Active Savings and HL Cash ISA products: Investec Bank plc; Active Savings and HL Cash ISA products: LHV Bank Limited; Active Savings and HL Cash ISA products: Metro Bank plc (including RateSetter); Active Savings and HL Cash ISA products: Monument Bank Limited; Active Savings and HL Cash ISA products: National Bank of Kuwait (International) PLC; Active Savings and HL Cash ISA products: OakNorth Bank plc; Active Savings and HL Cash ISA products: OneSavings Bank plc (Kent Reliance); Active Savings and HL Cash ISA products: Paragon Bank plc (including Spring); Active Savings and HL Cash ISA products: Santander Financial Services plc (Santander International); Active Savings and HL Cash ISA products: Secure Trust Bank PLC; Active Savings and HL Cash ISA products: Shawbrook Bank Limited (including HL Easy Access powered by Shawbrook); Active Savings and HL Cash ISA products: Tandem Bank Limited; Active Savings and HL Cash ISA products: United Trust Bank Limited; Active Savings and HL Cash ISA products: Vida Bank Limited; Active Savings and HL Cash ISA products: Zopa Bank Limited; Cash in HL ISAs, SIPPs and Fund and Share Accounts: A panel of 11 banks, including Barclays Bank plc, Bank of Scotland plc, Lloyds Bank plc, HSBC Bank plc and Santander UK plc
Moneybox an FCA-authorised investment firm that holds client money, not a bank 32 Day Notice and 95 Day Notice: Investec Bank plc; Simple Saver (bare trust across a panel): Lloyds Bank plc; Simple Saver (bare trust across a panel): Bank of Scotland plc (shares its limit with Halifax); Simple Saver (bare trust across a panel): Santander Financial Services plc (Santander International); 90 Day Notice (bare trust across a panel): Lloyds Bank plc; 90 Day Notice (bare trust across a panel): Bank of Scotland plc (shares its limit with Halifax); 90 Day Notice (bare trust across a panel): Qatar National Bank (Q.P.S.C.); 1 Year Fixed Rate (bare trust across a panel): Lloyds Bank plc; 1 Year Fixed Rate (bare trust across a panel): Emirates NBD Bank (P.J.S.C); Cash ISA, Open Access Cash ISA, Cash Lifetime ISA and uninvested cash: Pooled client money across 13 banks: Clydesdale Bank plc (now part of Nationwide), HSBC Bank plc, Santander UK plc, Barclays Bank plc, First Abu Dhabi Bank, Qatar National Bank, National Westminster Bank plc, Bank of Scotland plc, Lloyds Bank plc, The Bank of New York Mellon (London Branch), National Bank of Kuwait (International) plc, Bank of Montreal and Starling Bank Limited (in-flight funds only)
Raisin UK an FCA-authorised savings marketplace (investment and payment services firm), not a bank Transaction Account and Raisin Cash ISA (money waiting to be placed): ClearBank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Aldermore Bank PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): Alpha Bank London Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): AlRayan Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Atom Bank PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): British Arab Commercial Bank plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Bank of Ceylon (UK) Ltd; Fixed rate, notice and easy access accounts (45 partner banks with live products): BNF Bank plc, London Branch; Fixed rate, notice and easy access accounts (45 partner banks with live products): Bank of the Philippine Islands (Europe) Plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Brown Shipley and Company Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Byblos Bank Europe SA, London branch; Fixed rate, notice and easy access accounts (45 partner banks with live products): FCMB Bank UK Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): FidBank UK Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Furness Building Society; Fixed rate, notice and easy access accounts (45 partner banks with live products): Halcyon Money (Transave Credit Union Ltd); Fixed rate, notice and easy access accounts (45 partner banks with live products): Hampshire Trust Bank Plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): HBL Bank UK Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): ICICI Bank UK Plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Investec Bank plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Türkiye İş Bankası A.Ş., London Branch (Isbank UK); Fixed rate, notice and easy access accounts (45 partner banks with live products): Kroo Bank Ltd; Fixed rate, notice and easy access accounts (45 partner banks with live products): Kuwait Finance House PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): LHV Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Melton Mowbray Building Society; Fixed rate, notice and easy access accounts (45 partner banks with live products): Mizrahi Tefahot Bank, London Branch; Fixed rate, notice and easy access accounts (45 partner banks with live products): Monument Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Morgan Stanley Bank International Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): National Bank of Egypt (UK) Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): National Bank of Kuwait (International) PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): OakNorth Bank plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Paragon Bank plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): Perenna Bank PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): Plane Saver Credit Union Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Punjab National Bank (International) Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): QIB (UK) plc; Fixed rate, notice and easy access accounts (45 partner banks with live products): RCI Bank UK Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Santander Financial Services plc (Santander International); Fixed rate, notice and easy access accounts (45 partner banks with live products): Scottish Building Society; Fixed rate, notice and easy access accounts (45 partner banks with live products): Shawbrook Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): StreamBank PLC; Fixed rate, notice and easy access accounts (45 partner banks with live products): Teachers' Building Society; Fixed rate, notice and easy access accounts (45 partner banks with live products): This Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): Tipton and Coseley Building Society; Fixed rate, notice and easy access accounts (45 partner banks with live products): United National Bank Limited (UBL UK); Fixed rate, notice and easy access accounts (45 partner banks with live products): Vida Bank Limited; Fixed rate, notice and easy access accounts (45 partner banks with live products): T C Ziraat Bankası A.Ş., London Branch
Trading 212 an FCA-authorised investment firm, not a bank or an e-money institution Cash ISA, SIPP cash and uninvested cash: JPMorgan Chase Bank, N.A. (London Branch) and J.P. Morgan SE; Cash ISA, SIPP cash and uninvested cash: Barclays (legal entity not stated) and other banks not named; Invest account and Stocks and Shares ISA cash, if interest is switched on: Qualifying money-market funds (not named by Trading 212); Money spent with the Trading 212 card: Paynetics UK Limited (e-money)
Wise an FCA-authorised electronic money institution, not a bank Wise account balance (e-money): Safeguarded by Wise: cash at Barclays Bank PLC, Citibank N.A., JPMorgan Chase Bank N.A., Deutsche Bank AG London, Hamburg Commercial Bank and Bank of America, plus government bonds and insurer guarantees; Interest (sterling): BlackRock ICS Sterling Government Liquidity Fund (BlackRock Asset Management Ireland); Stocks: iShares World Equity Index Fund (LU), managed by BlackRock (Luxembourg)

The four ways an app can hold your money

Deposit with a partner banka deposit with that bank, FSCS-protected up to £120,000 per person at that bank's licence. If the app fails, the deposit is still yours at the bank.
E-moneye-money safeguarded by the firm, not FSCS deposit protection. The firm must keep customer money separate, but if it fails you may wait and may receive less.
Client moneyclient money the firm holds on trust at banks: FSCS deposit cover up to £120,000 per person per bank if a bank fails, and investment cover up to £85,000 for any shortfall if the firm fails. The firm itself usually places the cash at banks, in its own name on trust for clients.
Money-market fundunits in a fund, an investment rather than a deposit. Its value can fall, though such funds aim to keep it stable.

For banks you hold money with directly, see UK banks ranked by credit rating, how FSCS protection works and which banks share a banking licence.