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:
You can find more information about National Westminster Bank plc and the deposit guarantee scheme here.
You can find more information about the Financial Services Compensation Scheme here.
The scheme also has webpages explaining protection for small businesses and temporary high balance protection.
You can find more information about deposit protection on the government’s MoneyHelper website.