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 depositor guarantee scheme, the Financial Services Compensation Scheme (FSCS).
Depositor 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 £85,000.00 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 £85,000.00 limit for six months for certain types of deposits. For example the proceeds of selling a main private residence. Protection is up to £1,000,000.00 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 depositor 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 depositor protection on the government’s MoneyHelper website
If you are using the Mettle e-money account:
Funds in electronic money accounts are not 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 or a guarantee. Safeguarding requirements apply to the whole of a customer's balance and to all types of customer.
If an electronic money firm then fails, an insolvency practitioner or an administrator will handle the failed firm's affairs, including disbursing customer deposits. Customer deposits will be handled in priority to all other creditors but the insolvency practitioner or administrator is allowed to deduct charges, so customers could get back less than their deposit.
The process of distributing safeguarded funds may take longer than a claim under the FSCS.
For Mettle electronic money accounts, the electronic money account provider is Prepay Technologies Limited trading as PPS.
You can find more information about electronic money accounts and safeguarding on this Financial Conduct Authority webpage.
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