Shoal is not a bank and does not perform regulated activities. Instead, Shoal works with partners that are regulated in the UK and through those partnerships your money is kept safe.
Funds held in a Savings Pot
Savings Pots earns return on your savings and help support sustainable development.
Funds held across all your Savings Pots are protected under the Financial Services Compensation Scheme (FSCS). Funds are protected up to £85,000 across all your active Savings Pots and any other personal account you may hold at Standard Chartered Bank.
If Standard Chartered Bank became insolvent, FSCS may take longer to refund your money than usual, because Shoal holds your money in a trust account on your behalf.
Funds held in your Shoal Account
Funds held in your Shoal Account are used to fund your Savings Pots and to receive the proceeds of matured Savings Pot.
The Financial Services Compensation Scheme (FSCS) is designed to protect deposits made by account holders of banks or building societies, where those deposits are typically used for investment or lending purposes.
Your Shoal account is an eMoney account provided by Algbra Group Limited, an Electronic Money Institution. All customer funds held by Electronic Money Institutions are safeguarded pursuant to FCA requirements and supervision. Put simply, funds held in your Shoal account can't be used for any purpose other than to make them available to you.
This means that whilst these funds are not protected by the FSCS, if Shoal or Algbra ever becomes insolvent, your money is safeguarded and will be returned to you.
You can learn more by visiting the FCA website.
Our partners
Standard Chartered is a leading international bank with a 170 year history in the UK, focused on helping people and companies prosper across Europe, the Americas, Asia, Africa and the Middle East. Standard Chartered Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) (FRN 114276) and the PRA.
Algbra is a B-Corp certified Electronic Money Institution that aims to transform the financial landscape, combining ethical values with cutting-edge innovation. Algbra is authorised and regulated by the FCA under the Electronic Money Regulations 2011 (FRN 952360). Algbra Group Limited is registered in the UK with Companies House Registration number 12629086.
✨Tip: You can read more about the FSCS scheme here.