Yes, your money is safe and protected.
The exact way your funds are covered depends on which of our banking partners provides your account. You can find out how your money is protected by checking your account sort code in the app. 🏦
If your sort code is 04-36-15
Your account is provided by Griffin Bank Ltd.
Because Griffin is a fully regulated bank, your eligible deposits of up to £120,000 are protected by the Financial Services Compensation Scheme (FSCS).
The FSCS acts like an insurance policy. In the highly unlikely event that the bank fails, the FSCS will automatically step in to compensate you and return your money.
If your sort code is 23-69-72
Your account is an e-money account provided by Prepay Technologies Ltd (PPS).
Because this is an e-money account, it is not covered by the FSCS. Instead, your money is protected through a strict Financial Conduct Authority (FCA) process called safeguarding. 🔒
Safeguarding means your money is kept completely separate from PPS’s own finances and is never available to creditors, banks, or other third parties. This protection applies to your entire account balance, with no upper limit.
Note: In the very unlikely event that PPS becomes insolvent, an independent administrator would return your safeguarded money. Returning funds this way can take a bit longer than an FSCS claim, and the administrator is allowed to deduct their operational costs, meaning you might receive slightly less than your full balance back.
Still have questions? 💬
You can visit the FCA website to read more about safeguarding, or visit Griffin's website to read about FSCS deposit protection.
If you need more help, simply send us a secure message directly in the app. We're here Monday to Friday, 9 am to 5 pm.