Back to Statements and protecting your money

How we safeguard your money

Money held in the Cash Savings Holding Account is deposited in safeguarded accounts with third-party banks (currently HSBC), separate from Bondsmith’s own funds. These safeguarding arrangements are designed to protect your money if Bondsmith becomes insolvent.

Safeguarding provides a high level of protection but is different from FSCS cover.  In certain circumstances, such as insolvency, an administrator may deduct costs from the safeguarded funds and there may be delays in returning money to clients.

Where safeguarded funds are held with an FSCS-protected bank, FSCS protection may apply, subject to eligibility and the structure of the claim.

Should Bondsmith become insolvent, the money in the holding account is held in a segregated account that any creditors of Bondsmith cannot access.

If you need more information or have any further questions, please speak to our friendly team on 0191 242 4866 and select option 5. Available 8.30am - 5.30pm weekdays.