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The 10 Best Safeguarded Funds Acounts

When you place your money in a digital account, it can seem like you’re taking a leap of faith that your funds will be kept safe by the service provider. Thankfully, there are many laws and regulations put into place, such as the European Deposit Insurance Scheme (EDIS) and the Financial Services Compensation Scheme (FSCS), to ensure that banks and online services act in your best interest. Here is a list of the 10 best safeguarded funds accounts to help you feel secure.

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A good fit for:

Safeguarded Funds Accounts

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Virgin Money

Virgin Money has had international dealings since the 1970s and offers business accounts, savings accounts, loans, insurance, and travel accounts.

The Pros

Eligible deposits with them are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). Any deposits you hold above the limit are unlikely to be covered.

The Cons

Negative online reviews state that customer service can be slow and unhelpful.

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A good fit for:

Safeguarded Funds Accounts

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Revolut

Launched in July 2015, Revolut states that they service over 7 million customers worldwide with over 350 million transactions. Account management is available through their mobile app with an Interbank exchange rate for over 150 currencies and up to €300 per month on ATM withdrawals without a fee.

The Pros

They received their banking license at the end of 2018 and will protect funds up to €100,000 under the implementation of the European Deposit Insurance Scheme (EDIS). They hold all client funds in a tier one UK bank account for safeguarding. They also provide account security through fingerprint identification, disposable virtual cards, Sherlock anti-fraud system, and will be implementing 3D Secure in the future.

The Cons

Flat mark-up on exchanges on weekends and for certain currencies. 2% fee on ATM withdrawals above €300 per month.

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A good fit for:

Safeguarded Funds Accounts

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TransferWise

TransferWise offers personal and business accounts, and have 12 different international offices providing service in over 59 countries. Borderless accounts available servicing more than 30 countries and over 40 currencies, and comes with a free MasterCard.

The Pros

Keeps money safeguarded under the regulations of the Financial Conduct Authority (FCA) by storing funds in low-risk UK Barclays accounts. In the event that they become insolvent, customer money will be unaffected.

The Cons

Not guaranteed by the Financial Services Compensation Scheme (FSCS). Negative online reviews claim that bank transfers tend to be slower when compared to other providers. Cash deposits may cost a fee.

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A good fit for:

Safeguarded Funds Accounts

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WorldRemit

WorldRemit provides money solutions for individuals in several different countries with local and digital pay-out networks.

The Pros

WorldRemit stores all customer funds in segregated bank accounts as per the Financial Conduct Authority’s requirements, the Electronic Money Regulations 2011 and the Payment Services Regulations 2017.

The Cons

Some negative reviews cited poor customer service. Exchange rates can be on the higher end.

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A good fit for:

Safeguarded Funds Accounts

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Monzo

Monzo states that more than 3 million use their services to manage and spend their money globally. They offer current accounts, business accounts, savings, and more.

The Pros

Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). Instead of using passwords that might be hacked, they use links emailed to you. They also offer two-factor authentication.

The Cons

Some online reviews refer to negative customer service experiences, but they generally have positive reviews.

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A good fit for:

Safeguarded Funds Accounts

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MoneyCorp

MoneyCorp is one of the largest foreign exchange businesses in the industry and has offices in the UK, USA, France, Spain, Hong Kong, Australia, and more. They are good for making one-off payments or recurring payments.

The Pros

Safeguarded accounts through segregated account features. Secure online features to help protect against fraud.

The Cons

Limited information on their website. According to reviews, the sign-up process can take a little longer than average.

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A good fit for:

Safeguarded Funds Accounts

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ePayments

Established in 2011, ePayments offers solutions for business and personal accounts, including payments for freelancers, affiliate programs, and social networks. They provide a prepaid Mastercard with the ability to withdraw money in any currency. You can also open a European IBAN account online.

The Pros

They ensure that once funds are received, they are held in a segregated account and safeguarded in accordance with the Electronic Money Regulations 2011. If they become insolvent, funds that you loaded on to your card will be protected against claims from any of their creditors.

The Cons

Some negative reviews online refer to issues with technical aspects and customer service.

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A good fit for:

Safeguarded Funds Accounts

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TorFX

TorFX offers business and personal accounts for currency transfers and payments, with offices located in the UK and Australia. They were voted the Consumer Moneyfacts International Money Transfer Provider of the Year 2016, 2017, 2018 and 2019.

The Pros

Keeps money safeguarded under the regulations of the Financial Conduct Authority (FCA) by storing funds in low-risk UK Barclays accounts.

The Cons

Minimum transfer of £100.

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A good fit for:

Safeguarded Funds Accounts

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N26

Founded in 2013, N26 is a fully licensed mobile bank providing services to over 26 countries, and state that they are ranked among the top ten most valuable FinTech companies worldwide. They offer free worldwide ATM withdrawals, travel insurance, and mobile theft coverage.

The Pros

They protect funds up to €100,000 under the implementation of the European Deposit Insurance Scheme (EDIS). They offer 3D Secure to help prevent fraud. They also have secure fingerprint login and simple card locking features through their app in case you lost your card.

The Cons

Account setup requires you to upload a picture of your face and a photo ID for identification verification.

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A good fit for:

Safeguarded Funds Accounts

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Monese

Launched in 2015, Monese was the first 100% mobile current account in the UK. They provide a mobile app for account management and work with Apple Pay for contactless payments. They are accessible in ten languages and provide cash deposits at over 40,000 locations across the UK.

The Pros

They are subjected to FCA regulations and protecting 100% of your money by holding it in major banks and never lending or reinvesting it. They are also a member of CIFAS, the United Kingdom’s biggest banking service, to provide top-notch fraud protection. Accounts are protected by biometric login and authentication protocols, like 3D Secure.

The Cons

Account setup requires you to upload a picture of your face and a photo ID for identification verification.

Provider of the Month

Why Virgin

From catch-free savings to simple, super-flexible pensions, Virgin products make managing your money that little bit easier. Their Stores and Lounges make the whole experience a little more comfortable as well.

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