Safety of Funds


Hi there,

A brief question.

If the funds that we hold with Tide are not under the clearbank umbrella and solely through the prepaid account service, what protection do we have on our deposits, for example were a fraud to happen akin to that of the wirecard scandal.

Simply put, if the funds in our prepaid accounts, were missapropriated by the company holding them, do we have any legal protection on the funds? By legal protection meaning something similar to the FSCS £85,000 guarantee.

I am aware that funds in the pre-paid accounts are held separately. However the same was said with wirecard. So is there a protection on these funds at all?

Many thanks


Not sure on this one @richardv9, I’d assume it is protected but it’s worth asking the question to Tide directly


Thank you for reaching out @richardv9

Tide’s financial services are provided by Prepaid Solutions (PPS), an FCA regulated company that operates with an e-money license. Our members’ funds are in a ring-fenced safeguarding account that is fully protected against risk and reinvestment. As a result, funds do not require FSCS protection.

I hope that assauges some of your concerns, I completely understand how the recent development with Wirecard would be cause for more caution.

If you have any other questions, please let me know.



Hi @Obi_at_Tide ,

The specific question and concern I have is as follows. If you could reply with a yes or no (if possible).

  1. Our funds are held in a ring-fenced safeguarding account. Were, for whatever reason, that safeguarded account to have fraud take place on it (akin to wirecard), are the funds held in this account guaranteed? Or would they be open to fraud loss?

Thank you


Thanks for following up @richardv9

It’d be outside of my expertise to comment on that, but I’ll definitely try to find out more about this for you.



Much appreciated @Obi_at_Tide .


Hi @Obi_at_Tide,

Anything here? I notice your website is showing that all new accounts have FSCS backing through clearbank.

How are we able to get this protection? Or are some customers more equal than others?

Many thanks


Thank you for following-up, @richardv9

I can’t say specifically when we would be able to address your previous question, it’s fairly outside of my expertise and I’ll need some of the colleagues that are better equipped to address it to get back to me.

In regard the FSCS protection for our accounts that are provided through ClearBank, we are working on a plan to migrate our member accounts to this provider so that they can all benefit from the additional security. At this time, we don’t have any timelines or updates to give on that, however.


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