Comparison · 2026 edition
ClearBank vs Memo Bank: safeguarding banks compared 2026.
ClearBank and Memo Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
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ClearBank and Memo 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 3.6 (72), ranking 1 and 4 of 14. ClearBank also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | ClearBank | Memo Bank |
|---|---|---|
| Score out of 5 | 4.2 | 3.6 |
| Score out of 100 | 85 | 72 |
| Overall rank | 1 of 14 | 4 of 14 |
| For E-money institutions (out of 100) | 85, rank 1 | 76, rank 4 |
| For payment institutions (out of 100) | 85, rank 1 | 75, rank 4 |
| For firms applying for a licence (out of 100) | 86, rank 1 | 66, rank 7 |
| Type | UK bank (PRA authorised) with a Dutch bank in the EU | French bank licensed by the ECB, supervised by the ACPR |
Each score with the evidence behind it.
| Criterion | ClearBank | Memo 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. | 3/5 PIs, EMIs and exempt entities named; a Memo current account is required and countries and minimums are not 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 accounts paired with settlement accounts in EUR, USD and GBP with SEPA and international transfers; no agency banking. |
| Published pricing | 1/5 Fee structure described (monthly subscription plus charges) but no figures or safeguarding interest rate published. | 4/5 Interest on client account balances published (25% of €STR); safeguarding account fees on request and plan fees only as a "from" price. |
| Onboarding | 4/5 States go-live typically takes weeks and offers an operating account during authorisation; no document list. | 2/5 Online opening stated; no timeline, document list or pre-authorisation route. |
| Technology | 5/5 API account opening, real-time statements, virtual IBANs with automated reconciliation and safeguarding letters. | 5/5 API with real-time webhooks on every movement and virtual IBAN reconciliation. |
| Standing | 5/5 PRA authorised bank with FSCS protection and published scale of 311+ clients and £20bn deposits. | 5/5 ECB-licensed bank with FGDR deposit protection and a published count of 50+ client account clients. |
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 | Memo 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. | "Memo Bank is a limited company (Société Anonyme)"; "We're a credit institution, licensed by the ECB and supervised by the ACPR". |
| 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". | "Serving Payment Institutions, Electronic Money Institutions, fiduciaries, financing companies, and collection agencies"; also "ACPR-exempt entities". A Memo Bank business current account is required first. Countries and minimums not 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. | Client (safeguarding) accounts, each paired with a settlement account; "By default, all our client accounts are denominated in euros (EUR)", with USD or GBP on request; French IBANs; SEPA transfers and direct debits; international transfers. |
| 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. | Client account balances earn 25% of the €STR, paid monthly, "from the first euro". Payments plans "From €449 excl. VAT per month". The tariff PDF (updated 8 September 2026) lists safeguarding and settlement account pricing as "Nous consulter" (on request). |
| 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. | "signing the terms and conditions and opening the client account can be done online." No timeline or document list; accounts before authorisation not stated. |
| 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. | "Plug our Premium API into your own systems"; "You are notified in real time (webhooks) upon the creation of the account, as well as on incoming and outgoing movements." Virtual IBANs for "precise, granular reconciliation". |
| 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. | "covered by the FGDR, France's deposit guarantee scheme"; LCR of 477% and CET1 ratio of 50%; "more than 50 clients" supported in opening client accounts. |
| 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 Memo Bank: who it serves and onboarding.
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 memo.bank/en/product/client-accounts, memo.bank/en/usage/safeguarding-funds, memo.bank/en/pricing, assets.memo.bank/documents/….
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
EMIs and PIs needing direct UK and EU scheme access.
EU firms wanting interest on safeguarded euros.
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