The UK's Financial Services Compensation Scheme (FSCS) protects savings accounts up to £120,000 per person. Because these accounts are powered by ClearBank Limited, a regulated UK financial institution, your eligible savings are secure, with the compensation limit applying to the total amount held with ClearBank.
What this means
- The FSCS is an independent body that protects deposits up to £120,000 if authorized firms fail.
- The savings account is provided by ClearBank Ltd, which is authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
- If you hold other accounts directly with ClearBank or through other providers powered by ClearBank, those balances are aggregated for the £120,000 limit.
- Funds held in LemFi wallets (used for transfers) are "safeguarded" in separate accounts with authorized banks, which is different from FSCS protection.
To learn more about this, do visit the FSCS Protection Information