Marygold partners with several companies in order to help deliver our services. Whilst many of these are fairly inconsequential for Marygold customers (e.g. we use Zendesk to help us curate and maintain our FAQs), other partners of us are much more important.
The two most notable partners we use that impact our customers are Griffin Bank Ltd ("Griffin") and Moneyhub Financial Technology Limited ("Moneyhub").
Griffin
The Marygold Easy Access Savings Account is provided by Griffin.
Griffin is the UK’s first full-stack Banking as a Service platform. They help make it easier for companies like Marygold launch tailored services on top of traditional banking products.
With Griffin doing the heavy lifting on complex financial infrastructure and compliance requirements, Marygold is able to focus on what matters for our customers.
This arrangement is important for our customers for many reasons:
- Our customers become direct customers of Griffin, a fully regulated UK bank. As a result our customers can rest easy that no customer money ever flows through any other bank accounts other than accounts they own directly.
- As customers of Griffin, our customers benefit from the Financial Services Compensation Scheme ("FSCS"). 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.
Moneyhub
In order to create the best user experience when moving money between your Marygold and non-Marygold accounts we have created 'Me2Me' transfers. Me2Me helps our customers retain more control as well as move money between their accounts with ease.
Where a Me2Me transfer requires transferring funds from an external bank account (e.g. Barclays, HSBC, etc) to any of you other accounts (including Marygold accounts), then we seamlessly help you utilise the the Open Banking Payment Initiation Services ("PIS") of Moneyhub.
In addition, if you choose to link any of your external accounts to the Marygold app, or use the intelligent nudges functionality within our app (that rely on reacting to bank account information in your non-Marygold accounts), then we utilise the Account Information Services ("AIS") from Moneyhub.
Moneyhub are regulated in the UK as an Open Banking company, whose vision is to enhance the financial lifetime wellness of people, their communities and their businesses.