There are currently two different types of accounts with Tide: an e-money account, provided under the license of Pre-Pay Solutions Limited and regulated by the FCA, and bank accounts provided by ClearBank, which are also regulated by the FCA.
The funds in e-money accounts are stored and protected. With an e-money account, your money is never invested or loaned out and is safeguarded in accounts that keep your money separate from the money we use to run Tide. As your funds are safeguarded, FSCS (Financial Services Compensation Scheme) protection does not apply.
We’re in the process of moving Tide accounts from PPS e-money accounts to ClearBank FSCS protected bank accounts. In the coming months, you’ll have the option to update your account, we’ll get in touch when this is available.