so Monzo should be able to offer FSCS cover up to 85K and clearly @naji says they don’t - perhaps its the type of card that is relevant ?
Yes it is most definately the type of card that is relevant.
They can’t on an account with an e-money prepaid card, but the current account with a debit bankcard can.
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If only Starling were just straightforward & gave us these answers - then we wouldn’t have to have this discussion!
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- FSCS protection does apply to any bank who holds a banking licence - whether restricted or not
- while restrictions are in place for mobilisation, aggregate deposits are limited - usually to £50k
- thus the FSCS protection is limited to an aggregate total amount of 50k
- Starling Bank’s mobilisation restrictions have been lifted, but they have not started openly offering current accounts yet (though all the people going to the hackathon have one)
- the information shown on the FSA register is correct and up-to-date, and can be relied upon
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