Deposit aggregators

Find out more about your rights when using deposit aggregators and how to ensure you are protected.  

What is a deposit aggregator? 

A deposit aggregator, also known as a savings platform or savings marketplace, is a firm that helps you identify where to place your savings. They can also help you view and manage different savings accounts.  

These firms are not necessarily regulated by the FCA. It is important that you understand at all times whether your money is protected, including whether it is covered by the Financial Services Compensation Scheme (FSCS).  

Deposit aggregators may offer a service where they place your money directly in the savings account, which might be with a bank or building society, on your behalf. This is called the ‘direct model’ where the savings account is held in your own name. For UK-based accounts with firms covered under the FSCS, your money is protected, subject to your eligibility for cover and compensation limits. You can find out more information on the FSCS website.  

Or the deposit aggregator can hold the savings account in a trust for you. In this ‘trust model’, eligibility for FSCS protection depends on the details of how the trust has been set up. 

If the deposit aggregator uses the ‘trust model’ you should ask them how it is set up and how any protections apply before you place your money with them. 

How is a deposit aggregator regulated? 

Deposit aggregation is not a regulated activity. Some firms offering deposit aggregation services may be regulated by us because of the way they deliver these services or because of other separate activities of theirs. However, protections of the regulatory regime will not necessarily apply to the service you are being offered by these firms. 

How can I check the status of a particular firm? 

You can check the status of any firm regulated by us on the Financial Services Register. You can also check the website of the firm, which should display its status if it is regulated by us, and its firm reference number (FRN) which you can use to find it on the Register. On the Register, you can check which regulated activities the firm is authorised to do, as well as any restrictions or disciplinary action against the firm.