Comparison · 2026 edition
ClearBank vs Magnetiq Bank: safeguarding banks compared 2026.
ClearBank and Magnetiq Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
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ClearBank and Magnetiq Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
In the Safeguarding Banks Index, ClearBank scores higher overall: 4.2 out of 5 (85 out of 100) against 3.5 (71), ranking 1 and 5 of 14. ClearBank also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | ClearBank | Magnetiq Bank |
|---|---|---|
| Score out of 5 | 4.2 | 3.5 |
| Score out of 100 | 85 | 71 |
| Overall rank | 1 of 14 | 5 of 14 |
| For E-money institutions (out of 100) | 85, rank 1 | 71, rank 5 |
| For payment institutions (out of 100) | 85, rank 1 | 71, rank 5 |
| For firms applying for a licence (out of 100) | 86, rank 1 | 70, rank 4 |
| Type | UK bank (PRA authorised) with a Dutch bank in the EU | Latvian bank (AS Magnetiq Bank) supervised by the Bank of Latvia |
Each score with the evidence behind it.
| Criterion | ClearBank | Magnetiq Bank |
|---|---|---|
| Who it serves | 5/5 EMIs and PIs in the UK and EU, digital asset platforms and pre-regulated firms named; states no minimum volume requirement. | 4/5 Licensed and pre-licensed EMIs, PIs and crypto firms in Latvia or the EEA named; no minimums published. |
| Products | 5/5 Safeguarding, client money and operating accounts with direct membership of FPS, CHAPS, Bacs, SEPA and T2, plus agency banking. | 4/5 Safeguarding and current accounts with one API to SEPA, SEPA Instant and TARGET2, principal SWIFT membership and virtual IBANs; no agency banking stated. |
| Published pricing | 1/5 Fee structure described (monthly subscription plus charges) but no figures or safeguarding interest rate published. | 2/5 General business account and payment fees published as fixed figures; no safeguarding fee or interest published. |
| Onboarding | 4/5 States go-live typically takes weeks and offers an operating account during authorisation; no document list. | 3/5 Firms in the licensing queue targeted and a paid 48-hour application review published; no document list. |
| Technology | 5/5 API account opening, real-time statements, virtual IBANs with automated reconciliation and safeguarding letters. | 4/5 API with webhooks, instant virtual IBANs and reconciliation support; real-time balances not stated. |
| Standing | 5/5 PRA authorised bank with FSCS protection and published scale of 311+ clients and £20bn deposits. | 4/5 Licensed bank supervised by the Bank of Latvia with 1000+ client companies published; deposit protection not stated. |
Each criterion is scored 0 to 5 against the best published offer in the Safeguarding Banks Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | ClearBank | Magnetiq Bank |
|---|---|---|
| Legal status | "ClearBank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 754568)." "ClearBank Europe N.V. is authorised by the European Central Bank and regulated by De Nederlandsche Bank." Subscriber to the Code of Conduct for Indirect Access Providers. | "AS Magnetiq Bank is a licensed credit institution supervised by the Bank of Latvia." Registration number 50103189561; "Licence No. 06.01.04/255 (issued on 12 September 2008)", "Reregistered on 20 December 2017, No. 06.01.02.01.340/491". Describes itself as a "Fully Licensed EU Bank". |
| Who it serves | "Safeguarding accounts are for EMIs and Payment Institutions that must segregate end-customer funds under FCA rules." "ClearBank doesn't have any minimum volume requirements." Client types listed include digital asset platforms and pre-regulated firms; it says it has "worked with digital asset companies in the UK since 2019". | "PSD2-compliant safeguarding for licensed and pre-licensed EMIs, PIs, MSB and crypto firms." Target clients page: payment and electronic money institutions "registered and licensed in Latvia or the EEA"; crypto companies also listed. Excludes "Unlicensed financial institutions conducting actual business operations" and residents of FATF blacklisted countries. No minimums published. |
| Products | Safeguarding accounts "held securely at the Bank of England" (GBP) and at DNB and the ECB (EUR); CASS 7 client money accounts; operating accounts; agency banking with sort codes; "Direct membership of Faster Payments Service, CHAPS, Bacs, SEPA Credit, SEPA Instant and T2"; FX; up to 6 million virtual IBANs per master account. | Safeguarding accounts with "Ring-fenced client funds, separated from business accounts"; current accounts, overnight deposits and virtual IBANs; "one API connecting to SEPA, SEPA Instant, TARGET2" plus Visa Direct and Mastercard MoneySend; "Direct principal membership with SWIFT, Visa, and Mastercard." "Balances can be held in EUR and other major currencies, subject to agreement with the Bank." FX, business cards and acquiring. Agency banking not stated. |
| Pricing | No figures published. Indirect access page: services are "provided on an ongoing subscription basis" with a standing monthly fee plus implementation, account and transaction charges. | Price list for EEA legal entities: current account opening 350 EUR, account maintenance 200 EUR a month, minimum account balance 300 EUR; electronic SEPA payments from 15 EUR (standard). No safeguarding-specific fee or interest rate published. |
| Onboarding | "Going live with ClearBank, including KYC, contracting, and integration, typically takes weeks rather than months." Pre-regulated firms: "Open an operating account as you kick off your application journey", with API sandbox access before approval. No document list published. | "Quick and simplified onboarding"; its Nexpay page targets "EMI & PI Applicants": "Firms in the licensing queue needing immediate infrastructure." Tariff: "Additional fee for express consideration of an application for Current account opening within 48 hours", 350 EUR. No document list or standard timeline. |
| Technology | Accounts opened via API; "real-time statements, and direct scheme access"; virtual IBANs "allocated instantly via API with automated reconciliation"; safeguarding letter provided on request. | "Through a single API integration, you gain access to regulated banking capabilities without building your own banking stack." "Webhook notifications"; virtual IBANs issued "from 1 to 1,000+ virtual IBANs in seconds"; "Support reconciliation and external audits"; "Real-time fund transfers". Real-time balances not stated. |
| Protection and scale | Eligible deposits protected by the FSCS up to £120,000; EU national scheme up to €100,000. Published scale: "311+" clients, 4.9m open bank accounts, £20bn in deposits held. | "1000+" "Companies already use our products"; assets "€178.8 million"; capital and reserves "€34.8 million". Deposit protection not stated on the pages read. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by ClearBank: pricing, onboarding and published pricing.
Not published or not stated by Magnetiq Bank: who it serves, products, pricing, technology, protection and scale, published pricing and standing.
Facts read on 21 October 2026 from: clear.bank/products/accounts, clear.bank/faqs/accounts-and-agency-banking, clear.bank/use-cases/pre-regulated, clear.bank/indirect-access-to-uk-payments-system, clear.bank/learn/insights/…; and magnetiqbank.com/safeguarding-accounts, magnetiqbank.com/banking-as-a-service, magnetiqbank.com/legal/target-clients, magnetiqbank.com/…, magnetiqbank.com/price-list, magnetiqbank.com/wp-content/uploads/2026/06/…, magnetiqbank.com/contacts, magnetiqbank.com.
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
EMIs and PIs needing direct UK and EU scheme access.
EEA EMIs and PIs still in the licensing queue.
Tell us what you need and where you operate.