Yes, very. First and foremost Marygold & Co. (UK) Limited ("Marygold") is a wholly owned subsidiary of a larger group of companies that is a listed U.S business which has existed for nearly 10 years (The Marygold Companies, Inc.).
More importantly we have designed our UK operating model to maximise protection for our customers. When you open and account with Marygold you simultaneously open an account in your name with Griffin Bank Ltd.
Griffin Bank Ltd (“Griffin”) is a company registered in England and Wales (No. 10842931). Griffin is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Our firm reference number is 970920.
When you deposit money into your Marygold Easy Access Savings account you are depositing your money directly into your account you hold with Griffin. No money is held, or even transfers through, and Marygold accounts. Marygold at no point holds on to your money.
In addition, as Griffin is a UK bank, your funds are protected by the Financial Services Compensation Scheme (FSCS). The FSCS covers eligible deposits of up to £120,000 per depositor. It’s important to note that £120,000 is the maximum compensation you will receive across all bank accounts you hold with Griffin. If you deposit funds with Griffin via Marygold, and also deposit funds in a different account with Griffin via another provider that is also powered by Griffin, you will still only receive a maximum of £120,000 in compensation. Visit Griffin’s website to learn more about deposit protection.
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