What happens to my money if a financial app shuts down or gets hacked?
22 August 2026 · MoneyAngel Academy
Connecting your bank account to a financial app can feel like a big step. Even if the service is useful, it is reasonable to wonder what happens if the company disappears, suffers a cyberattack or something else goes wrong.
The most important thing to understand is where your money actually is.
When you connect an account to MoneyAngel, your money does not move into MoneyAngel. It stays with the bank, building society or other financial institution where you already hold it.
MoneyAngel uses information from your connected accounts to help you understand your finances. It does not use that connection to move or spend the money in those accounts.
What happens if MoneyAngel shuts down?
If MoneyAngel stopped operating, the balances in your connected bank accounts would still be held by those banks.
For the account information MoneyAngel uses, the access is read-only.
What happens to my data?
Your money and your financial data are two different things.
MoneyAngel’s Privacy Policy explains how your personal data is stored, used, shared, retained and deleted. It states that personal data is stored in the UK, with safeguards required where approved providers involve transfers overseas.
If you request deletion of your account and data, MoneyAngel will revoke your access and delete your personal data within a reasonable period, although some information may need to be retained where there is a legal, regulatory or other permitted reason to do so.
Read the MoneyAngel Privacy Policy
What if MoneyAngel gets hacked?
No responsible online service can promise that a cyberattack will never happen.
What matters is the protection in place and what access an attacker could potentially gain.
MoneyAngel uses multiple layers of security. Its Privacy Policy states that these include enterprise-grade encryption for data storage and transmission, regular security testing and monitoring, automated threat detection and strict access controls. It also states that MoneyAngel staff cannot access your financial data, only your account contact details.
A data breach could still be serious. Financial information can potentially be used for phishing, impersonation or attempts to obtain more information from you.
UK data protection rules require organisations to assess personal data breaches and report qualifying breaches to the Information Commissioner’s Office. The ICO provides specific guidance on responding to breaches, including the first 72 hours after discovering one.
Read the ICO’s guidance on personal data breaches
What about FSCS protection?
FSCS protection relates primarily to the institution holding your money, not the app displaying information about it.
If you hold eligible deposits with a UK-authorised bank, building society or credit union that fails, the Financial Services Compensation Scheme can currently protect up to £120,000 per eligible person, per authorised institution. The limit increased from £85,000 on 1 December 2025.
That means connecting an eligible bank account to MoneyAngel does not move your deposit out of that bank or replace the protection that applies to it.
Check how FSCS deposit protection works
The simplest way to think about it
Connecting an account to MoneyAngel gives the service access to the information it needs to help you understand your finances.
It does not transfer your bank balance to MoneyAngel.
Your money remains with the financial institutions where you hold it.
MoneyAngel helps you understand your money. It doesn’t take control of it.