Short answer: yes!
Tide holds the equivalent of the e-money we create for our members in what we call a Safeguarding account with Banking Circle. This is a ring-fenced account that can only hold funds for our members e-money relating to our International Currency Accounts feature. No other funds such as fees, Tide’s own funds, or any other companies’ funds are allowed in it.
Moreover, the funds in this account can never be loaned out by the credit institutions to other customers and, as such, are not exposed to risk. Because your funds will never be reinvested, they don’t require FSCS protection (which is only required where credit institutions reinvest and take risks with your money).
Finally, by activating the e-money licence, Tide becomes fully regulated by the Financial Conduct Authority, much like PrePay Solutions Ltd, who provide your GBP e-money account account on behalf of Tide.