'Is my cash Isa safe?'

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Mike CroxfordMoney Expert

I have a cash Isa with Trading 212, but I’m not sure if my money is covered by the Financial Services Compensation Scheme (FSCS). Can you advise?

Mary from Leeds

'Your money is protected by the Financial Services Compensation Scheme'

Mike Croxford, Which? Money expert, says...

Money in a Trading 212 cash Isa wouldn’t be at risk if Trading 212 were to go out of business.

In fact it gets the same protection as it would in a bank account. This is despite Trading 212 not being a bank, but instead being an electronic money firm, which is usually covered by 'ringfencing rules'. 

Your money isn’t held directly by Trading 212, but in separate accounts with one or more of its partner banks: Barclays, BNY Mellon JP Morgan, Lloyds and NatWest. 

All of these are covered by the FSCS in the unlikely event they were to fail. 

FSCS protection also applies to Trading 212’s stocks and shares Isa

It’s important to note that the FSCS compensates up to £85,000 per person, per banking licence.

If you have any other accounts at these banks, both this money and your Trading 212 money would count towards the £85,000 limit.

FSCS protection also applies to Trading 212’s stocks and shares Isa, if Trading 212 went out of business. Bear in mind that investment losses aren't covered.

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