How secure is the Cash savings hub?

Your Cash savings hub funds are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per bank. If more than one bank is covered by the same banking licence, the FSCS covers a total of £120,000 across all those banks.

This protection is the maximum compensation payable under the FSCS to an individual on the failure of a UK-authorised and regulated bank. It may change from time to time.

Please remember that you might exceed the £120,000 compensation limit if you have money outside the Cash savings hub under the same banking licence. It’s worth checking which banking licences your accounts are under so that you’re fully covered – you can read this information within the documents provided when you apply for a savings account.

ClearBank and all of our partner banks are authorised and regulated by the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA). Their savings accounts are covered by the FSCS. Raisin Platforms Limited is authorised and regulated by the FCA.

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