Money in your Wallet and in Jars you open for planning your budget (so not Jars created with one of our merchant partners) is known as e-money. It is managed by our partner Prepaid Financial Services Limited (PFS), an authorised Electronic Money Institution, regulated by the Financial Conduct Authority in the UK. PFS protects this money by storing it safeguarded, segregated accounts with major UK retail banks, which means it cannot be used for lending. The money it is not protected by the Financial Services Compensation Scheme (FSCS) because we’re not a bank and neither is PFS.
To see how money in Merchant Jars is protected, click here.