Safe and secure

When it comes to looking after your money, you want it to be as safe as possible. We get that, and security has been a core part of U Account since day one and is a big reason why over 72,000 people now use U Account today.

If you’re not sure of all the ways in which your money is safe with U Account, we’re here to answer your questions.

So, how safe is my money with U Account?

The short answer is: very! Any funds that you pay in to your U Account are kept in a protected, specially-segregated bank account, and the money in this account can only be used to serve your U Account — nothing else. That means that, unlike high street banks, we don’t reinvest your money or do anything with it apart from keeping it safe for you to access whenever you want it.

Is a U Account as safe as a high street bank account?

We completely understand that there are some big, well-established players in the banking world, some of whom have been operating for centuries. On the other hand, U Account is just a few years old… but when it comes to delivering a great service, we’ve turned that to our advantage.

See, we’ve built U Account from the ground up as a digital current account over which you have complete control. Our team are all under one roof and constantly evolving, which means we can move fast if there are any developments in the world of digital banking or online security.

We have designed your U Account using the strictest security standards, using the latest data encryption technology to protect your data and funds every step of the way. We don’t store your card details, and we regularly undergo external security scans to ensure your money is as safe as it can possibly be.

What security benefits do I get from U Account being a digital account?

The fact that your account is digital means that you can do things quickly and easily, usually with just a few clicks of a mouse or a tap of your smartphone. If you happen to misplace your card, you can lock it via your Balance+ app — and then unlock it again if you find it. You can also view all your transactions in real-time, so you’re always in control of what, when and where you’re spending.

What else do U Account do to protect my money?

Our Unbanking Agents are here to provide the best possible customer service to you, and part of that is stepping in to help if you ever have a concern or a question. As an extra layer of security, we also have a dedicated team of operators who make use of the latest financial technology to detect early signs of financial fraud. These two teams work together closely — just a few metres apart, in fact — so there are no crossed wires or communication breakdowns.

What kind of regulations are in place to protect my money?

U Account operates in partnership with Wirecard Card Solutions (WDCS), who are authorised by the Financial Conduct Authority (FCA). This means that there are safeguarding rules imposed by the FCA that both U Account and Wirecard follow. We are also regulated by the FCA as a credit broker. For more information on Wirecard and regulations, please see our FAQ.

Still have questions or aren’t sure about some of the things we’ve talked about here? No worries — just get in touch and we’ll do our best to answer for you.