How Meteor Savings works

You open one account with Meteor. If you have General Savings and Cash ISA savings, you effectively have two accounts, both accessible from a single log-in. From there you can select from a range of products from our panel of UK-authorised banks, and Meteor sends your funds to the one you choose. You never apply to the banks yourself.

Your money is always held with a UK-authorised bank. It starts in your Meteor holding account, which is held with HSBC, then moves to a partner bank when you choose a product. Between products, such as when a fixed term matures, it returns to your Meteor holding account until you choose where to save next.

Your money returns to the relevant Meteor holding account, your General Savings or Cash ISA account, held with a UK-authorised bank, ready for you to reinvest. You then choose your next product without reapplying. Your deposit stays FSCS-protected throughout, and you decide where it goes next.

Meteor Savings is completely free for our customers to use. Unlike other savings platforms, we don't charge you any fees, nor do we take a share of the interest that banks pass to us on our fixed-term deposits and notice accounts. Instead, we have commercial agreements with our partner banks, so whenever you open a savings product through our marketplace, our partner banks pay us a fee.

Yes, where eligible. Because your deposit sits with a UK-authorised bank, it is covered by the Financial Services Compensation Scheme up to £120,000 per person, per banking group. Products with more than one banking group are each covered separately up to the limit.

A Cash ISA lets you earn interest tax-free. You can add new deposits up to the annual ISA allowance each year. A general savings account is often used for money beyond that allowance, where interest may be taxable. Both give you access to competitive rates, and you can hold both through Meteor.

When a product matures, you move into a new one inside your existing account, with no new application or ID check. For easy-access savings you can move whenever you like. That is what we mean by savings that never stand still.

Yes. Meteor is authorised and regulated by the Financial Conduct Authority (Register number 459325), and your money is always held with UK-authorised banks. Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person, per banking group.

When a product matures, your money returns to your Meteor holding account, and you can withdraw it back to your own nominated bank account. Easy-access savings can be withdrawn whenever you like, while fixed-term products are locked until the term ends.

Signing up and verifying your identity usually takes just a few minutes. Once that is done, opening each new product is quicker because you do not repeat the checks. The time to receive and place funds can vary.