Meteor Asset Management acts as our deposit administrator for some of our partner banks, holding your money in what is known as a “bare trust” arrangement. Their role is to transfer your money between your Transaction Account and a partner bank’s account. This process takes place when you fund a savings account and when your deposits are returned to you at maturity, along with any interest or profit you have accrued. While providing this service, Meteor Asset Management has no claim to your funds and administers them on your behalf.
Note: Between 1 March 2025 and 30 June 2025 ("Transition Period"), Raisin Platforms Limited ("RPL") will start to act as Bare Trustee and Deposit Administrator for some of the savings accounts available on the Raisin UK platform. During the Transition Period, the Bare Trustee and Deposit Administrator for all Partner Banks on the Raisin UK platform will change from Meteor Asset Management and Meteor Investment Management Limited (together, “MAM”) to RPL.
MAM and RPL will be Bare Trustee and Deposit Administrator for different savings accounts at this time. This means that, during the Transition Period, depending on your specific account, your Bare Trustee and Deposit Administrator may be either MAM or RPL. Prior to any change of Bare Trustee and Deposit Administrator in relation to any of your savings accounts, you will be contacted directly with details of the date of the change and what it means for you. If in doubt, please refer to your Product Factsheet during the Transition Period, which will detail the relevant Trustee for your deposit, or contact us.
At the end of the Transition Period, RPL will be the sole Bare Trustee and Deposit Administrator for all savings accounts invested via Raisin UK. Find out more.
Are my funds protected when in transit from my Transaction account to a Partner Bank savings account, via Meteor Asset Management?
Yes, as client money held at HSBC is covered by the Financial Services Compensation Scheme (FSCS), it means that during the periods in which Meteor Asset Management holds your funds in its Client Bank Account, your funds are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per banking group. Please note that the FSCS protection limit of £85,000 is cumulative across any eligible deposits you hold with a banking group.
Note: Between 1 March 2025 and 30 June 2025 ("Transition Period"), Raisin Platforms Limited ("RPL") will start to act as Bare Trustee and Deposit Administrator for some of the savings accounts available on the Raisin UK platform. During the Transition Period, the Bare Trustee and Deposit Administrator for all Partner Banks on the Raisin UK platform will change from Meteor Asset Management and Meteor Investment Management Limited (together, “MAM”) to RPL.
MAM and RPL will be Bare Trustee and Deposit Administrator for different savings accounts at this time. This means that, during the Transition Period, depending on your specific account, your Bare Trustee and Deposit Administrator may be either MAM or RPL. Prior to any change of Bare Trustee and Deposit Administrator in relation to any of your savings accounts, you will be contacted directly with details of the date of the change and what it means for you. If in doubt, please refer to your Product Factsheet during the Transition Period, which will detail the relevant Trustee for your deposit, or contact us.
At the end of the Transition Period, RPL will be the sole Bare Trustee and Deposit Administrator for all savings accounts invested via Raisin UK. Find out more.