FSCS Protection for Moneybox Business Customers
The Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) exists to protect customers of UK financial services firms that have failed.
As a sole trader or limited company, if a bank that holds your money has failed and can’t pay claims against it, the FSCS may step in to pay compensation. For more information on FSCS cover, limits and eligibility, please see the FSCS website.
How your money is protected
For our Business Saver, Moneybox deposits your business’s money with third party banks. These banks are covered by the FSCS and, in the event one of them fails, you may be eligible to claim up to £85,000 per eligible depositor per bank for any shortfall.
Moneybox would make the claim to the FSCS on your behalf in relation to your Business Saver and the claim may take longer to settle than if you held an account directly with the bank (up to three months).
Moneybox is not a bank and, for Business Saver, is not itself covered by FSCS protection.
Sole Traders:
If you are a sole trader, you are eligible and your business bank account is with the same bank as your personal bank account, your FSCS protection (and the maximum £85,000 limit to that protection) is shared between your business and personal accounts.
Where you or your business has other deposits held at those third party banks used by Moneybox for the Business Saver, whether or not they are other Moneybox products and whether held directly with the bank or through other bare trusts, the amount of your Business Saver deposit at the bank in question on the relevant date will be added to those deposits for the purposes of calculating the £85,000 aggregate limit for FSCS claims.
Limited Companies:
If you have a limited company, it is a separate legal entity. That means that if you and your limited company both use the same bank and you are both eligible, your personal account and the limited company business account will each have their own separate £85,000 limit.
Where your limited company has other deposits held at those third party banks used by Moneybox for the Business Saver, whether or not they are other Moneybox products and whether held directly in your limited company’s name or through other bare trusts, if you are eligible the amount of your Business Saver deposit at the bank in question on the relevant date will be added to those deposits for the purposes of calculating the £85,000 aggregate limit for FSCS claims.
Exclusions List
Certain funds are excluded from protection, including if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact Moneybox.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following: credit institution, financial institution, investment firm, insurance undertaking, reinsurance undertaking, collective investment undertaking, pension or retirement fund (deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded) or public authority (other than a small local authority).
(4) It is a deposit of a credit union to which the credit union itself is entitled.
(5) It is a deposit which can only be proven by a financial instrument (as listed in Part I of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule) unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014).
(6) It is a deposit of a collective investment scheme which qualifies as a small company under the Companies Act 1985 or Companies Act 2006.
(7) It is a deposit of an overseas financial services institution which qualifies as a small company under the Companies Act 1985 or Companies Act 2006.
(8) It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company (under the Companies Act 1985 or Companies Act 2006), please refer to the FSCS for further information on this category.
(9) It is not held by an establishment of a bank, building society or credit union in the UK or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.
The above exclusions are taken from the Prudential Regulation Authority Rulebook which may be updated from time to time and takes priority over this guidance. For further information about exclusions, refer to the FSCS website at www.fscs.org.uk.
Business Saver
Money in the Business Saver is held in a panel of banks.
The panel of banks and the proportion of money held with each bank on the panel will vary over time. The banks we currently use for the panel are:
- Lloyds Bank plc
- Bank of Scotland plc
- Santander Financial Services plc (trading as Santander International)
Your funds will be deposited into one or more of the accounts that Moneybox holds on bare trust for you at the above listed panel of banks. For example, Moneybox could decide to deposit all of your Business Saver contributions at one panel bank, or we could decide to split your contribution into different deposit amounts across that panel of banks.
Any interest which is due but not paid is not protected by FSCS.
Money in transit
We use Starling Bank Limited, Lloyds Bank plc and Bank of Scotland plc as our operational banks.
If you add money via easy bank transfer and manual bank transfers, your funds will be held with Starling Bank Limited for one business day prior to transferring into accounts held with Lloyds Bank plc and Bank of Scotland plc and then on to our panel of banks.
Withdrawals will be transferred into accounts held with Lloyds Bank plc and Bank of Scotland plc before being transferred to your linked bank account.
For more detail on the flow of your funds, please refer to our terms & conditions.
Version 2025.1