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Is my money protected under the Financial Services Compensation Scheme?
Is my money protected under the Financial Services Compensation Scheme?
Updated over a week ago

If you are using the Mettle bank account:

The Mettle bank account is provided by National Westminster Bank plc trading as Mettle. Eligible customer deposits held with National Westminster Bank plc are protected under the UK’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS).

Deposit protection means that if an eligible customer's bank fails or it is likely to fail, the FSCS will automatically pay an eligible customer the value of their deposit up to the deposit protection limit.

The deposit protection limit is £85k per eligible customer, per eligible bank. This means the limit applies to all the accounts an eligible customer has with a bank and not to each account the customer has with that bank.

There is also temporary high balance protection above the £85k limit for six months for certain types of deposits. For example, the proceeds of selling a main private residence.

Protection is up to £1 million in most cases. You can find more information about temporary high balance protection on the FSCS website.

The FSCS aims to settle claims within seven days of a firm's failure, but more complex cases could take longer.

For further information:

If you are using the Mettle e-money account:

Funds in electronic money accounts aren't eligible for FSCS protection.

Instead, safeguarding requirements apply in these cases.

Account providers must either put the funds in a safeguarding account separate from their own account at a bank or they can use an insurance policy / guarantee. Safeguarding requirements apply to the whole of a customer's balance and to all types of customers.

For Mettle electronic money accounts, the electronic money account provider is Prepay Technologies Limited trading as PPS.

Prepay Technologies Limited (PPS) safeguarding statement

Your e-money issuer, Prepay Technologies Limited (referred to as "PPS" or "EPS" or "PPT") protects your money through a process known as safeguarding.

As an e-money institution regulated by the FCA, EPS protects funds belonging to e-money customers through a process known as safeguarding. This means that client funds are kept separate from EPS’s own funds and it’s placed into a secure account with an authorised bank or covered through an insurance policy or similar guarantee.

The services that EPS offers are not covered by the Financial Services Compensation Scheme (FSCS). In the event of EPS's insolvency, although relevant funds are safeguarded as per the requirement of regulation 21 of the EMRs 2011, it could take longer for monies to be refunded and some costs could be deducted by the administrator or liquidator of the Firm during the insolvency process (as per regulation 24 of the EMRs 2011).

Customers may check the FCA website ( to find guidance in deciding whether the level of protection the firm offers is appropriate in their circumstances.

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