Is Plum FSCS protected? Where your money is actually held

Plum is not a bank. Its Cash ISA is client money pooled at a panel of banks (Citibank N.A. London Branch, Lloyds Bank, Qatar National Bank, BBVA and Nationwide trading as Virgin Money), and its Easy Access Savings Account and Interest Pockets are held on bare trust at Lloyds Bank and Investec Bank, so the FSCS protects up to £120,000 per person at each bank's licence if one of those banks fails, shared with money held there directly. The Primary Pocket of customers without investment products is e-money, safeguarded but not FSCS-protected, and Plum Interest is units in a BlackRock money-market fund rather than a deposit.

Plum is an FCA-authorised investment firm that holds client money, not a bank, with a separate e-money institution for its wallet: customers contract with Saveable Limited (trading as Plum and Plum Money), for the Cash ISA, Lifetime ISA, savings accounts and investments; Plum Fintech Payments Limited (or, for accounts opened before October 2026, Modulr FS Limited) for the e-money Primary Pocket (FCA firm reference 739214). 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 Plum is

Plum is made up of three FCA-regulated firms: Plum Fintech Limited (FRN 836159), an account information service provider that does not hold money; Plum Fintech Payments Limited (FRN 1023776), an e-money institution for the Primary Pocket; and Saveable Limited (FRN 739214), an investment firm that holds client assets and client money. Plum states: "We aren't a bank".

The Plum Cash ISA is a contract with Saveable Limited (company 09777255, 2-7 Clerkenwell Green, London EC1R 0DE), trading as Plum Money, which is the ISA manager (HMRC reference Z2040).

How each product is protected

Cash ISA: Plum "deposits your money with third party banks. These banks are covered by the FSCS and, in the event one of them fails, you would be eligible to claim up to £120,000 per person per bank for any shortfall in money. Plum would make the claim to the FSCS on your behalf". The money is pooled with other customers' client money, so any claim is for a proportionate share of the pool.

Easy Access Savings Account: money first moves to a settlement account in Plum's name, whose current provider is Modulr FS Limited, an e-money institution; while there it is safeguarded, not FSCS-protected, and once placed at Lloyds the FSCS covers eligible deposits up to £120,000. Plum's terms state that "Saveable Limited is not a deposit taker", so there is no FSCS deposit claim against Saveable itself.

Investments and Plum Interest held by Saveable Limited are covered by the FSCS investment scheme up to £85,000 per person if Saveable fails and assets are missing; the FSCS does not cover market losses. US shares are held through Alpaca Securities and covered by the US SIPC scheme, not the FSCS.

If Plum or a partner bank fails

If Plum fails, money in the Easy Access Pocket and 95-day Notice Pocket "remains held at Investec and is still protected"; money held on trust "should not be available to our creditors", but is distributed to customers after deducting the insolvency practitioner's costs.

If a partner bank fails, the FSCS pays up to £120,000 per person per bank; because the money is not held in the customer's own name, Plum says claims "may take longer to process" and typically should not take longer than three months for deposits. If Plum Fintech Payments fails, e-money is paid out from the safeguarded pool by an insolvency practitioner, which "can take longer than an FSCS claim", and fees may be deducted.

Does it share your FSCS limit?

Yes. Plum's Cash ISA terms state that "the £120,000 limit applies in aggregate to the total amount of money held by you at any one bank, whether it is deposited by Plum, by other providers, or by you directly with the bank."

Plum's savings terms add that it "is not responsible for monitoring whether your funds held in Savings Proposition Account(s) are eligible for FSCS protection"; customers can ask Plum how much is held with each bank to check against the limit.

Size

Saveable Limited's Cash ISA, launched in April 2024, passed £1.1 billion of assets by 31 March 2025; Saveable's revenue rose 49.9% to £7.56 million in the year to 31 March 2025 and it made a profit before tax of £938,226.

Plum describes itself as "Loved by over 2 million"; no audited customer figure was found.

Regulatory record since 2020

No FCA fine, final notice or public enforcement action against Saveable Limited, Plum Fintech Limited or Plum Fintech Payments Limited since 2020 was found in searches of fca.org.uk and the web.

Outside the UK, Cyprus's regulator CySEC fined Plum Money CY Limited a total of €30,000 by a board decision of 17 June 2024, announced on 25 October 2024: three €8,000 fines for own-funds and liquid-assets shortfalls at 31 December 2023 and €6,000 for not submitting its 2023 annual report.

The fine print

Plum keeps the banks' interest: "Plum will retain the difference (if any) between the interest or fees received from the underlying third party banks and the amounts paid on your product." For the Easy Access account, "Plum will be entitled to keep all interest paid by a Deposit Account Provider" and pays its own rate of return instead.

Cash ISA money is placed in bank accounts "with notice or fixed terms of up to 95 days", and Plum's terms say "Your money may not be immediately available for withdrawal in exceptional circumstances."

Plum's protection page says that for Plum Interest the FSCS "may cover up to £120,000 per person" if the fund manager or custodian fraudulently breached custody rules; the same page gives £85,000 as the FSCS limit for investment firms, and £120,000 is the deposit limit.

The same Primary Pocket is e-money with no FSCS cover for customers who have never held a Plum investment or ISA, but client money with Saveable for those who have; Plum's About page and its main protection page also list different Lifetime ISA banks (Citibank and Lloyds versus Citibank, Lloyds and Qatar National Bank).

Frequently asked questions

Is Plum FSCS protected?

Plum is not a bank. Its Cash ISA is client money pooled at a panel of banks (Citibank N.A. London Branch, Lloyds Bank, Qatar National Bank, BBVA and Nationwide trading as Virgin Money), and its Easy Access Savings Account and Interest Pockets are held on bare trust at Lloyds Bank and Investec Bank, so the FSCS protects up to £120,000 per person at each bank's licence if one of those banks fails, shared with money held there directly. The Primary Pocket of customers without investment products is e-money, safeguarded but not FSCS-protected, and Plum Interest is units in a BlackRock money-market fund rather than a deposit.

Which bank holds my Plum money?

Cash ISA (pooled client money): Citibank NA London Branch (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 ISA (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 ISA (pooled client money): Qatar National Bank (Q.P.S.C.) (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 ISA (pooled client money): Banco Bilbao Vizcaya Argentaria SA (BBVA) (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 ISA (pooled client money): Nationwide Building Society TA Virgin Money (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). Lifetime Cash ISA (pooled client money): Citibank NA London Branch (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). Lifetime Cash ISA (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). Lifetime Cash ISA (pooled client money): Qatar National Bank (Q.P.S.C.) (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). Plum Easy Access Savings Account: Lloyds Bank Plc (a deposit with that bank, FSCS-protected up to £120,000 per person at that bank's licence). Easy Access Interest Pockets and 95-Day Notice Pocket: Investec Bank PLC (a deposit with that bank, FSCS-protected up to £120,000 per person at that bank's licence). Primary Pocket (customers with no investment products): Plum Fintech Payments Limited (FRN 1023776), or Modulr FS Limited (FRN 900573) for accounts not yet migrated (e-money safeguarded by the firm, not FSCS deposit protection). Primary Pocket (customers who hold or have held an investment product or ISA): Saveable Limited, client money 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). Plum Interest: BlackRock ICS Sterling Government Liquidity Fund (BlackRock Asset Management Ireland Limited) (units in a fund, an investment rather than a deposit).

What happens if Plum goes bust?

If Plum fails, money in the Easy Access Pocket and 95-day Notice Pocket "remains held at Investec and is still protected"; money held on trust "should not be available to our creditors", but is distributed to customers after deducting the insolvency practitioner's costs.

Does Plum share the FSCS limit with my other savings?

Yes. Plum's Cash ISA terms state that "the £120,000 limit applies in aggregate to the total amount of money held by you at any one bank, whether it is deposited by Plum, by other providers, or by you directly with the bank."

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