No. How it works is that they offer EU citizens a kind of stocks and shares ISA - you then decide if you want to move your money from your savings account into that ISA. That’s the crux of it. Either way, when your savings are in a bank account, you don’t own your money (Cyprus was proof of that) and if it’s invested in a stocks and shares ISA the companies you invested in own your money (and those shares may go up as well as down).