Top online savings platforms

Before you open any savings accounts with Flagstone’s partner banks, your cash will be held in your Flagstone holding account. This is provided by HSBC – so it's eligible for FSCS protection up to £120,000. Once you've deposited your cash into a savings account, that cash will be held by the bank in question. So, provided that bank is a member of the FSCS, your eligible funds will be protected should that bank fail.

When your cash is in the Flagstone holding account, it's held in a trust structure. That means you are always the sole beneficial owner of your cash. So, if Flagstone were to collapse, it wouldn't be entitled to any of your cash, and if there was cash in your holding account, these funds would be unaffected, as the holding account is provided by HSBC.

Raisin accounts are provided by ClearBank, which is regulated by the Financial Conduct Authority. When you add money to a Raisin account, before funding your chosen savings product, your funds will be covered by ClearBank's FSCS protection.

This gets complex, so stick with us. When you go to fund your chosen savings account, depending on the bank your deposit will either be transferred directly to the account or your funds will be transferred through Raisin Platforms Limited (RPL), which will hold and administer your deposit in what is known as a 'bare trust' arrangement.

For the short time RPL holds your money before it's transferred to your savings account of choice, it's technically held in trust in an RPL account with ClearBank. The FSCS has confirmed in this type of structure you still get the UK £120,000 per person, per institution savings safety protection of the account provider (between leaving your Raisin UK account and arriving with the end bank, it's through ClearBank's). RPL will then transfer your deposit and any interest to your Raisin UK account in the event you withdraw, you close the account or it matures.

Money saved in a bank or building society via Hargreaves Lansdown's Active Savings platform is protected by the FSCS for that particular institution. If the bank or building society fails, your money is safe up to £120,000, though it may take longer to receive your money than if you had saved with that institution directly. This also applies if Hargreaves Lansdown itself were to fail.

Any savings not yet invested in a bank or building society through Active Savings is kept in what Hargreaves Lansdown call a cash hub. This cash hub is ringfenced by Barclays, which means your money would be covered by the Financial Conduct Authority's safeguarding rules – there's no £120,000 limit here and Hargreaves Lansdown would have no right to your money if it collapsed. However, some costs could be taken by the administrator and it might take longer to get your money back than if you saved directly with a bank.

If Barclays collapsed, rather than Hargreaves Lansdown, your savings in the cash hub would be covered up to £120,000 by the FSCS, though note – any other money held separately with Barclays would fall under that same £120,000.

When you add money to Prosper, it's first held in your Prosper Wallet, a holding account provided by Griffin Bank. Money held in the wallet is protected by the FSCS up to £120,000, and is kept separate from Prosper's own funds under FCA client money rules. This means that if Prosper were to fail, it would have no claim on your money, though it could take longer to access your funds than if they were held directly with a bank.

For most savings accounts, once you've chosen a product, your money is temporarily held by Prosper's custodian, Bondsmith in what it calls a 'holding' account, before being transferred to the bank offering the savings account. During this process, funds are held with Griffin Bank and remain protected by the FSCS up to £120,000. Once your money reaches the savings account, it is covered by the FSCS protection available from that bank or building society.

If Griffin Bank were to fail while your money was in your Prosper Wallet or awaiting transfer to a savings account, your eligible funds would be protected up to £120,000 by the FSCS.

When you add money to Savings by MoneySuperMarket, it's first held in a holding account provided by Bondsmith Savings Ltd. Money in this account is currently held with HSBC and is protected by the FSCS up to £120,000. The holding account is operated under a trust structure, meaning your money is kept separate from Bondsmith's own funds.

Once your money has been transferred into your chosen savings account, it is protected by the FSCS for that particular bank or building society. All banks available through Savings by MoneySuperMarket are currently FSCS protected.

If HSBC were to fail while your money was being held in the holding account or awaiting transfer to a savings account, your eligible funds would be protected up to £120,000 by the FSCS.

When you open a savings account through Meteor, your money is first paid into the Meteor Holding Account, which is held with HSBC before being transferred to your chosen savings account. Any money held in the Meteor Holding Account is kept separate from Meteor's own funds and is protected by the FSCS up to £120,000.

Once your money has been deposited into the savings account you've chosen, it is protected by the FSCS for that particular bank or building society. If the provider fails, your eligible deposits are protected up to £120,000 per authorised institution. All savings accounts currently available through Meteor are with FSCS-protected banks.

If HSBC were to fail while your money was being held in the Meteor Holding Account or awaiting transfer to a savings account, your eligible funds would be protected by the FSCS up to £120,000. Note that any other money you hold with HSBC would count towards the same FSCS limit. If Meteor itself were to fail, your money should remain protected as it is held separately from Meteor's own assets, though it could take longer to access than if you had saved directly with a bank.