Accounts using partner banks

masonic

1spiral said:

masonic said:

1spiral said:

My concern is that if these companies have cross over between the institutions, how do you keep on top of FSCS protection, especially if like Moneybox, you don't provide access to realtime data.

One strategy is not to hold more than £85k in total cash on deposit. That's how most people will be (unwittingly) managing this risk.

The problem with this is that has to be the total across all of these platforms (as @PRAISETHESUN has said) unless you know for definite that they don't use the same institutions. That's why I'm trying to understand how these companies provide this info. The only conclusive response on this matter so far is for Trading 212. Do I take it that Tembo don't provide any realtime data on detailing the distribution?

If you only have £85k in total cash on deposit then it is impossible that you can have more than £85k with one institution, even if it is all in, for example, Barclays. That's what I mean by "total cash on deposit". If you maintain less than £85k in cash across all of your accounts, then you can join the vast majority of UK savers in not needing to worry.

A quick search reveals that Tembo states "it’s impossible to disclose how much of your money is held in each bank", which is of course not correct, it is not impossible, but reveals their stance.