[design-material]

The reason a Bank is strictly defined is that TW does not guarantee any cash that you have stored with them.

With a bank you have up to £85,000 insured and guaranteed e.g. if the bank fails

[Gaelan]

IIRC TransferWise holds all your money in escrow (as opposed to investing it or w/e), so they don't need to guarantee it. I'm not sure off hand if that's just what they claim, or if they actually make a legal promise to that effect.