Yes. When you deposit money into an Ethical Savings Cube, it’s placed with a UK bank that is covered by the Financial Services Compensation Scheme (FSCS). This means that in the unlikely event of that bank failing, any funds deposited into Ethical Saver Cubes are protected up to the FSCS limit of £120k.
Once your Cube matures and the money moves into your Algbra account, FSCS protection no longer applies. This is because the FSCS scheme is only designed for banks and building societies, whereas Electronic Money Issuers (EMIs) like Algbra have their own protection rules called 'safeguarding.' This means your money is kept separate from company funds and would still be returned to you if anything were to happen to Algbra. The benefit of safeguarding is that there's no upper limit, so all of your funds would be returned to you.