Moneybox - FSCS Protection?

NebulaNova

I thought I read Moneybox was FSCS protected, but on the FSCS website, it says they are not?

This is a bit worrying given MSE recommends them as the top interest for transfers…?

masonic

What leads you to believe money you deposit via Moneybox is held by Moneybox as a deposit taker? Because that would be illegal.

DE_612183

Moneybox say they are……https://www.moneyboxapp.com/fscs-protection

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81926589#Comment_81926589

Moneybox say that your funds are protected by the FSCS, not that Moneybox of itself is, but then they are not holding your funds so it doesn't matter.

NebulaNova

The FSCS website doesn't say they are protected.

I can't even see where the funds are being held within Moneybox so it's a bit worrying.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81926613#Comment_81926613

If you followed the link @DE_612183 provided, then you'd see where the funds are being held.

The FSCS website is flawed and cannot be relied upon in situations like this.

NebulaNova

I guess I'm comparing this to T212 where you could see where each part of your funds were kept and by which bank. Moneybox don't appear to show this, unless it's too soon as only been with them 12 hours!

masonic

I don't think you get an up to date breakdown in many places other than T212. They say they will not put more than 50% with a single partner bank.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81926641#Comment_81926641

If you are worried, then best to stick to more traditional providers like banks or building societies, where they do hold your money and are directly protected by the FSCS.