Business, the Algbra way. An ethical UK business account designed for businesses that want to do things differently.
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The Algbra business account makes running your business easier, no matter where in the world your customers are. Send, hold, and receive payments in multiple supported currencies, spend with physical and virtual debit cards, and supercharge your business funds with profit generating Savings Cubes. More features to be announced.
"},{"id":"249","question":"What happens when Algbra's ready for my business?","answer":"We'll send you an email to let you know that you can continue your application in the Algbra app. This takes just a few minutes, and we aim to approve most applications within one working day.
"},{"id":"250","question":"Are Algbra business account deposits protected by the Financial Services Compensation Scheme?","answer":"As Algbra is an Electronic Money Institution (EMI), not a bank, the Financial Services Compensation Scheme (FSCS) does not apply to your deposits.
Instead, your deposits are protected by the safeguarding regime. This means that we have to keep all of your money separate from our own money. This is an FCA requirement for all EMIs like Algbra, and in the unlikely event that Algbra goes out of business, safeguarded funds are returned to users less any reasonable costs of returning funds to you if Algbra doesn't have the money to cover them.
There's no upper limit unlike with FSCS protection, so you can rest easy knowing that all of your deposits are kept safe.
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