Is Trading 212 FSCS protected? Where your money is actually held

Trading 212 is not a bank. Cash ISA money is client money it holds on trust at banks, including J.P. Morgan and Barclays; if one of those banks fails, the FSCS protects up to £120,000 per person at that bank's licence, and if Trading 212 itself fails, any shortfall is covered by the FSCS investment scheme up to £85,000. Uninvested cash in the Invest account and Stocks and Shares ISA may instead sit in money-market funds, which have no deposit protection. Trading 212 does not publish its full list of banks.

Trading 212 is an FCA-authorised investment firm, not a bank or an e-money institution: customers contract with Trading 212 UK Limited (FCA firm reference 609146). Every statement below is taken from the source named beneath it, last checked 22 October 2026. It is information, not advice.

Who holds the money, product by product

Who Trading 212 is

UK customers contract with Trading 212 UK Limited (company 08590005), authorised and regulated by the FCA with firm reference 609146 as an investment firm. It does not appear in the FSCS's bank checker because it is not a bank or e-money provider. Its SIPP is operated by Platform One Limited, with Trading 212 providing custody; the FCA gave it permission to launch the SIPP on 26 February 2026.

How each product is protected

Trading 212's ISA terms state that Cash ISA money is held only in bank deposits, never in money-market funds: "we will not use QMMFs to hold money that you have contributed to your Cash ISA." The money is client money held in pooled accounts in Trading 212's name on statutory trust for customers, not deposits in the customer's own name.

Two different FSCS schemes apply. Deposit cover of up to £120,000 per person per banking licence applies only to cash if one of the banks Trading 212 uses fails; investment cover of up to £85,000 per person is a single limit for all cash and investments combined if Trading 212 itself fails. Money in a money-market fund has no deposit cover, and its value can fall.

Press report: Which? reported in May 2025 that Trading 212 cash was held with JP Morgan Chase, Barclays, NatWest, Lloyds Bank and Bank of New York Mellon. Trading 212's own current pages name only J.P. Morgan and Barclays.

If Trading 212 or a partner bank fails

If Trading 212 fails, it says customers' money and assets are held separately and would be returned through the insolvency process; if there were a shortfall, the FSCS may pay up to £85,000 per eligible person. If a bank holding the pooled client money fails, eligible cash is protected up to £120,000 per person per banking licence, and customers share proportionately in any shortfall in the pooled account.

Does it share your FSCS limit?

Yes. Trading 212 states that the £120,000 limit "includes any other eligible deposits you hold with banks sharing the same licence, whether through Trading 212, another provider or directly. It is not a separate limit for each account." J.P. Morgan applies one combined limit across all of a depositor's eligible accounts with its UK branches.

Because Trading 212 does not publish which Barclays entity, or which other banks, hold a customer's cash, the overlap with that customer's own bank accounts can only be checked in the bank list Trading 212 shows in the app or provides on request.

Size

At 31 December 2025 Trading 212 UK held £17.9 billion of client money (2024: £6.9 billion) and £14.6 billion of client custody assets. It made a profit before tax of £123.1 million in 2025 (2024: £52.9 million) on revenue of £277.6 million, including £20.6 million of net interest earned on client money.

Regulatory record since 2020

No FCA fine, final notice or enforcement action against Trading 212 UK Limited since 2020 was found. The FCA has published several warnings about clone firms impersonating Trading 212; those concern third parties, not the firm.

The fine print

Trading 212's Cash ISA key features document still says "You are also protected by the Financial Services Compensation Scheme up to £85,000 per partner bank"; it predates the rise to £120,000 on 1 December 2025, and the help centre now quotes £120,000. Cash ISA interest tracks Bank Rate minus 0.15%.

Customers who do not opt into interest on uninvested cash receive none, and Trading 212 keeps whatever interest the banks pay on it. One help-centre page says uninvested cash is held with partner banks, while the Invest terms allow opted-in cash to be held in money-market funds instead.

Frequently asked questions

Is Trading 212 FSCS protected?

Trading 212 is not a bank. Cash ISA money is client money it holds on trust at banks, including J.P. Morgan and Barclays; if one of those banks fails, the FSCS protects up to £120,000 per person at that bank's licence, and if Trading 212 itself fails, any shortfall is covered by the FSCS investment scheme up to £85,000. Uninvested cash in the Invest account and Stocks and Shares ISA may instead sit in money-market funds, which have no deposit protection. Trading 212 does not publish its full list of banks.

Which bank holds my Trading 212 money?

Trading 212 does not place its customers' money as deposits with a bank. Cash ISA, SIPP cash and uninvested cash: JPMorgan Chase Bank, N.A. (London Branch) and J.P. Morgan SE (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, SIPP cash and uninvested cash: Barclays (legal entity not stated) and other 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). Invest account and Stocks and Shares ISA cash, if interest is switched on: Qualifying money-market funds (not named by Trading 212) (units in a fund, an investment rather than a deposit). Money spent with the Trading 212 card: Paynetics UK Limited (e-money) (e-money safeguarded by the firm, not FSCS deposit protection).

What happens if Trading 212 goes bust?

If Trading 212 fails, it says customers' money and assets are held separately and would be returned through the insolvency process; if there were a shortfall, the FSCS may pay up to £85,000 per eligible person. If a bank holding the pooled client money fails, eligible cash is protected up to £120,000 per person per banking licence, and customers share proportionately in any shortfall in the pooled account.

Does Trading 212 share the FSCS limit with my other savings?

Yes. Trading 212 states that the £120,000 limit "includes any other eligible deposits you hold with banks sharing the same licence, whether through Trading 212, another provider or directly. It is not a separate limit for each account." J.P. Morgan applies one combined limit across all of a depositor's eligible accounts with its UK branches.

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