When your funds are in transit between your Transaction Account and the relevant Partner Bank at the time(s) you make a new deposit or when you are having funds returned, Meteor transacts those payments through its segregated Client Bank Account, which is held with HSBC plc.
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 those periods in which Meteor holds your funds in its Client Bank Account, your funds are protected by the Scheme 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 across a banking group.