How is my money held in my Cash savings hub?

In the Cash savings hub, your money is either held in your transaction account (powered by ClearBank), the Trustee account (also at ClearBank) or with the partner bank that operates the savings account you’ve chosen.

Transaction account

Your transaction account is the 'holding area’ for your Cash savings hub. Any money you pay into the Cash savings hub is held in your transaction account until there is sufficient money available to fund your savings account application. It’s then transferred automatically to open your account. After a savings account closes, the money – and any interest or profit you’ve earned – will transfer back to your transaction account. You can then decide to deposit it into another savings account, or withdraw it to your registered bank account.

Your transaction account is unique to you, with your own account number and sort code. It’s operated by our partner, ClearBank. It's intended only as a temporary holder for your money and doesn’t pay any interest.

Your transaction account is operated by our partner, ClearBank, who is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Money held in your transaction account is protected under the FSCS.

Raisin Platforms Limited

Raisin provides a bare trustee service for savings accounts operated by our panel banks. Deposits are held with banks in the name of Raisin Platforms Limited as Bare Trustee, who act as Trustee on your behalf and on behalf of other customers investing in the same savings account. Funds are never held by the Trustee for more than a day, as they transit between your transaction account to the deposit taking bank via a trust account at ClearBank.

Savings accounts

Your savings will be held with one of our panel of banks. To keep you and your savings secure, we only work with partner banks who have passed due diligence checks. To be considered, each partner bank must be:

  • Authorised by the Prudential Regulation Authority (PRA)
  • Regulated by the Financial Conduct Authority (FCA) and PRA
  • Covered by the Financial Services Compensation Scheme (FSCS)