Anyone invested in "Lightyear", instant access, high interest rates?

Best Savings Interest Rates - 12 Month Fixed - Money Guide Ireland

2.75% protected up to 20,000.

Ranked as the highest instant access platform interest rates currently.

As I understand it's a stock trading platform that gives high interest rates to monies held but not invested;

Thus the instant access.

In terms/conditions it clearly states, "if you drop your phone, someone accesses it and hacks the app (your account), transferring funds, not our problem".

I'm unsure whether it's protected by the Deposit Guarantee Scheme (that's our deposit fail safe in Europe, anyone confirm?)?

Experiences with this platform as a deposit account?

https://www.moneyguideireland.com/lightyear-investment-platform.html

It sounds all good and protected up until:

When investing, please remember that your capital is at risk. Past performance is not an indicator of future success. Terms apply, seek guidance if necessary.

Henry Ford III

I'm going to review this...

Jim2007

Well I'd be doubtful about relying on an article peppered with referral links for the institution being reviewed, but from the article:

It is important to note that the funds held in a Lightyear account are not equivalent to a bank deposit, and therefore in the unlikely event that all appropriate safeguards fail, funds are ultimately protected by the Investor Protection Sectoral Fund for amounts up to 20,000 EUR in total across all your multi-currency account balances.

So it does not look like it is covered by the guarantee scheme.

I only spent a couple of minutes looking at this so I could be wrong, but a quick check on this line, leaves me wondering...

The primary institutions where Lightyear holds uninvested customer funds are ABN AMRO Bank in the Netherlands , AS LHV Bank in Estonia and BlackRock money market funds rated AAA

A quick check of the registry in Estonia, shows the institution is registered, but not listed on the list of banks covered by their guarantee scheme.

Credit institutions registered in Estonia where deposits are compensated:

Swedbank

SEB pank

Bigbank

LHV pank

Tallinna Äripank

Inbank

Coop pank

Luminor Bank

Holm Bank.

It would be interesting to know in which of the three the majority of the funds are held. So unless you or someone else wants to put some time into digging deeper and sharing their findings with us, I'd go with 20k rather than 100k.