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While at the time of writing it is not operating as a bank, it is slowly turning into one, having actually received a challenger bank license from the European Central Bank in December 2018. As a result, itself does not save your money, it uses Barclays and Lloyds for that. In early 2021 it also applied for a UK banking license and a bank charter in the US. Given that it is not yet a bank, it does not use any deposit protection.
today we’re going to be reviewing with the goal to help you answer concerns like ought to you get a account and how will it benefit you and to do this we’ll be looking at how e rated on our monito score and what caused us giving them an 8.6 this will assist us decide whether we can rely on with our cash as
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well as get a clear picture of their benefits and services their fees and exchange rates and likewise see how their consumers rate established in 2015 is a private business with over 2 000 workers they’re an acclaimed business and in 2020 won the uk tech awards for business of the year as of december 2021 their accounts and cards are available to consumers residing in the uk us eu and eea countries australia singapore switzerland and japan regrettably no canada or brand-new zealand however new zealand is looking likely in the near future if you visit their site they state they have a banking licence which was approved by the european central bank in poland and lithuania this allows them to use banking services in a variety of european countries including bulgaria croatia romania slovenia in addition to france italy and portugal and more nevertheless they’re yet to be granted a banking license in the uk the us or anywhere else they operate however even if they’re not a standard bank and don’t have a banking license
in certain countries does not suggest your cash isn’t safe are actually needed to safeguard your cash with bigger banks with a bank like lloyd’s or barclays so if were to go bust your money would be safe and because of this and the reality they’re completely managed by the fca in the uk and accredited as a bank in specific european nations we scored an 8.9 for trust and credibility with over 16 million consumers already relying on with their money we believe you can definitely trust them with yours has actually been very ingenious when it comes to banking their mobile app unlike traditional banks is special perfectly developed and really stands out for its different features and offerings when you initially sign up you’ll be asked to pick a plan there are 4 offered standard which is totally free plus premium and metal these are their rates in the uk but they might vary depending on where you’re located the basic offerings of are offered throughout all strategies which includes a bank account with its budgeting and automated cost savings benefits currency exchange