The FSCS is the UK’s statutory deposit insurance and investor compensation scheme for customers of authorised financial services firms. It is accessible to eligible customers of firms that have failed and filed for a claim in line with the FSCS guidance.
From December 1st, the FSCS protection limit rose to £120,000 per person, per bank, building society, or credit union (or up to £240,000 for joint accounts), subject to eligibility.
To keep your money protected, we automatically spread your deposits across multiple partner banks, all of which are part of the Financial Services Compensation Scheme (FSCS).
Cash ISA: Your money is held with Citibank NA London Branch, Lloyds Bank Plc, Banco Bilbao Vizcaya Argentaria, and Qatar National Bank.
Lifetime ISA: Your money is held with Citibank NA London Branch and Lloyds Bank Plc.
Is my full balance protected?
Our current internal controls ensure that no more than 65% of your money is held with any single bank. This means:
Balances with Plum under £184,615: Your eligible money is fully protected by the FSCS (since 65% of this total is below the £120,000 limit), unless you hold additional funds already with these banks outside of your Plum accounts.
Balances with Plum over £184,615: You may have a portion of funds that exceeds the £120,000 FSCS limit at a single bank.
Plum is currently working on adding more partner banks, which will allow us to spread funds even more and increase the value of eligible balances covered by FSCS protection.
To reiterate, if you've got existing savings with any of our banking partners, please note the FSCS caps protection up to £120,000 per person, per financial institution, so you may want to check whether any additional savings with them would mean you exceed the protection limit.