Moneyhub is regulated by the FCA and as a result subject to strict capital adequacy rules which should make this highly unlikely.
In the unlikely event that Moneyhub did cease trading, or withdraw its services from the market, then at no point would your savings be at risk.
All customer savings are held in FSCS protected accounts at Griffin bank, in customer-named accounts. If customers wanted to withdraw their money from Marygold Easy Access Savings accounts, then this would not be impacted by the failure of Moneyhub. Marygold customers would be able to withdraw funds from their Marygold Easy Access Savings account even if Moneyhub failed.
However, some services could be impacted if Marygold could not find a replacement Open Banking service provider by the time Moneyhub's services ceased. The Marygold services potentially impacted are:
- Marygold customers would not be able to make additional deposits into their Marygold Easy Access Savings Account until a replacement provider was found (there are several Open Banking providers in the market; we do not view this as a big risk).
- Marygold would be unable to update any linked external account information (e.g. any Barclays, HSBC or other external bank accounts you may have linked to your Marygold app) until a replacement provider was found.
- We would be unable to offer any 'Nudge' functionality that relied on having real-time account information access to your linked-external accounts (until a replacement provider was found).