Coconut is not a bank. We don't have a banking licence, which means that money deposited with us isn't reinvested or lent out by us. 

The Coconut card and account is issued by Prepay Solutions (PPS), our banking partner. You can read more about them here.

We're a little different to traditional banks as we fall under different regulations. Deposits held with Coconut fall under the Electronic Money Regulations 2017. This means that any funds that are held with us need to be stored in a segregated, safe-guarded, ring-fenced account.

Our safe-guarded account is held with Barclays Bank. This isn't like normal bank deposits where the funds are used for lending. 

To learn more about how we protect your money, read here.

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