Are the bank accounts FSCS protected?

Yes.

All bank accounts provided by our partner Cashplus Bank are covered by the Financial Services Compensation Scheme (FSCS) This provides individual account protection up to £85,000.

Additionally, due to the requirement by deputies for large deposits to be made initially (due to compensation awards, periodic payment orders or transfer of investments for example), the bank accounts have extended FSCS protection up to £1 million for the first 6 months. This enables deputies to have ample time to plan for investment arrangements to be put in place.

This enables deputies to have sufficient time to plan for investment arrangements to be put in place.

This enhanced protection was introduced in 2020 by the Financial Services Compensation Scheme to offer further protection to consumers and further information about this and the FSCS eligibility criteria can be found on the FSCS website here.

Tags: bank accounts, deputyship, fscs, Prudential Regulation Authority
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