Plum is not a bank so it doesn’t hold the Cash ISA funds itself. Instead, money saved with Plum in a Cash ISA is held with our banking partners (Citibank NA London Branch and
Lloyds Bank Plc), which are both part of the Financial Services Competition Scheme (FSCS):
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.
It protects up to £85,000 that you have saved, per bank, building society, or credit union (or up to £170,000 for joint accounts), subject to eligibility.
If you've got existing savings with any of our banking partners, please note the FSCS caps protection up to £85,000 per person, per financial institution, so you may want to check whether any additional savings with them would mean you exceed the protection limit.