Is AJ Bell FSCS protected? Where your money is actually held

AJ Bell is not a bank. Cash in its ISAs, SIPPs and dealing accounts is client money pooled at up to 14 banks, including Lloyds, Barclays, HSBC, NatWest Markets and Santander, and its Cash savings hub places money in a ClearBank transaction account and then, through Raisin as bare trustee, with the partner bank you choose. In each case the FSCS protects up to £120,000 per person per banking licence if a bank fails, and AJ Bell's terms say amounts held through the Cash savings hub, other AJ Bell accounts and directly all count toward the same limit.

AJ Bell is an FCA-authorised investment platform and stockbroker, not a bank: customers contract with AJ Bell Securities Limited (platform accounts and Cash savings hub); AJ Bell Management Limited is the SIPP administrator (FCA firm reference 155593). Every statement below is taken from the source named beneath it, last checked 24 October 2026. It is information, not advice.

Who holds the money, product by product

Who AJ Bell is

AJ Bell Securities Limited (company 02723420, 4 Exchange Quay, Salford Quays, Manchester M5 3EE) is authorised and regulated by the FCA with registration number 155593 and primarily provides the Cash savings hub; Raisin provides the platform and has partnered with ClearBank (the Service Bank) and the Trustee.

Investments are administered by AJ Bell Securities Limited, an execution-only provider and London Stock Exchange member; for a SIPP, AJ Bell Management Limited is the SIPP administrator. AJ Bell is part of AJ Bell plc, listed on the FTSE 250.

How each product is protected

Platform cash is held in pooled bank accounts in AJ Bell's name, "separately from cash belonging to us or any of our Group companies", as client money under the FCA's rules, and may be placed on fixed terms or notice of up to 95 days. "In the event of a bank's failure, your claim will be for a share of the cash held in all pooled bank accounts at that bank. You may also be able to claim against the FSCS."

Cash savings hub money in the transaction account, with the trustee and in savings accounts "will be covered by the FSCS, up to the limit on compensation for bank deposits", "or the EU Deposit Guarantee Scheme, which provides an equivalent level of protection"; each savings account's product information states which scheme applies.

If AJ Bell or a partner bank fails

If AJ Bell fails, client money and pooled investments are held separately from its own assets; fixed-term and notice placements mean that "In the event of our or a bank's failure, it may also mean that Cash is not immediately available for distribution." AJ Bell "will not be responsible for the default or failure of a Bank where we hold your Cash."

If a Cash savings hub bank, ClearBank or the trustee fails to return money, AJ Bell "will make reasonable efforts to assist you with your claim" with the FSCS.

AJ Bell states: "The FSCS aims to pay your money back to you within seven working days if the bank who holds your deposit fails."

Does it share your FSCS limit?

Yes. AJ Bell's Cash savings hub terms say that to assess FSCS protection "you will need to consider all amounts held with each of the Service Bank, the Trustee or the relevant Partner Bank, whether those deposits are held via the Cash savings hub, your other AJ Bell accounts, or with a different provider."

For platform cash, "the £120,000 limit includes any cash holdings you may have under the same bank/ banking license outside AJ Bell (for instance, in a current or savings account with that bank)", and because the proportion at each panel bank changes daily, "the result of any FSCS claim assessment would depend on which bank failed, and at which point in time."

Size

AJ Bell says it has "more than 762,000 customers who trust us with £121.5bn in assets under administration".

Regulatory record since 2020

No FCA fine or final notice against AJ Bell Securities Limited or AJ Bell Management Limited since 2020 was found in searches of fca.org.uk and the web.

The fine print

AJ Bell keeps part of the interest on platform cash: "We and our Group companies are entitled to receive and retain the difference between the interest a Bank pays to us or our Group companies on the total amount of the cash held by us with them and the interest we pay to you". The Cash savings hub is free; AJ Bell is paid by its partner banks.

"The maximum you can deposit with any one bank is £120,000" in the Cash savings hub, and customers who already have an account directly with Raisin cannot open one.

Frequently asked questions

Is AJ Bell FSCS protected?

AJ Bell is not a bank. Cash in its ISAs, SIPPs and dealing accounts is client money pooled at up to 14 banks, including Lloyds, Barclays, HSBC, NatWest Markets and Santander, and its Cash savings hub places money in a ClearBank transaction account and then, through Raisin as bare trustee, with the partner bank you choose. In each case the FSCS protects up to £120,000 per person per banking licence if a bank fails, and AJ Bell's terms say amounts held through the Cash savings hub, other AJ Bell accounts and directly all count toward the same limit.

Which bank holds my AJ Bell money?

Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Bank of Scotland plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Barclays Bank plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Santander UK plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Lloyds Bank Corporate Markets plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Nationwide Building Society (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Investec Bank plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Lloyds Bank plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Royal Bank of Scotland plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): HSBC Bank plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): HSBC UK Bank plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Qatar National Bank (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Cater Allen Limited (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): NatWest Markets plc (client 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). Cash in SIPP, Stocks and Shares ISA, Lifetime ISA, Junior ISA and Dealing account (pooled client money): Bank of Montreal (client 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). Cash savings hub transaction account: ClearBank Limited (a deposit with that bank, FSCS-protected up to £120,000 per person at that bank's licence). Cash savings hub savings accounts (easy access, notice and fixed term): Partner banks chosen by the customer, held in the name of Raisin Platforms Limited as bare trustee for pooled accounts (the panel was not found in a public primary source) (a deposit with that bank, FSCS-protected up to £120,000 per person at that bank's licence). SIPP and Ready-made pension payments awaiting allocation, and SIPP cash not needed for investment: Sippdeal Trustees Limited, on trust under the scheme rules at banks not named (client 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).

What happens if AJ Bell goes bust?

If AJ Bell fails, client money and pooled investments are held separately from its own assets; fixed-term and notice placements mean that "In the event of our or a bank's failure, it may also mean that Cash is not immediately available for distribution." AJ Bell "will not be responsible for the default or failure of a Bank where we hold your Cash."

Does AJ Bell share the FSCS limit with my other savings?

Yes. AJ Bell's Cash savings hub terms say that to assess FSCS protection "you will need to consider all amounts held with each of the Service Bank, the Trustee or the relevant Partner Bank, whether those deposits are held via the Cash savings hub, your other AJ Bell accounts, or with a different provider."

More: other savings apps and platforms, how FSCS protection works and which banks share a banking licence.