Through one Depoway account you will spread your money automatically across multiple savings accounts and get the best possible interest rate on the market. On 30th September 2020, this rate is up to 1.20% (AER*) per annum.
For you this would be an extra £119 per year if you have £10,000 on deposit. Compare this with some high-street banks that pay as little as 0.01%.
How we make it possible for you to get a better interest rate?
Keeping money at the same time in multiple UK banks where it's protected with up to £85,000 per bank means much higher overall deposit protection limit offered by the Financial Services Compensation Scheme (FSCS) for you.
We are a distributor of electronic money on behalf of Modulr FS Limited. Our reference number 902977. Modulr FS Limited is authorized by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900573).
Our bank-level security protects your sensitive personal information and prevents unauthorised use. We never share your data with any other parties without your clear consent.
We don't require you to keep a high minimum balance. You can start with just £1 and watch your savings grow.
Life can be full of surprises so you should have easy access to your funds.
With us you will enjoy a higher rate of interest by holding your money in fixed term accounts, with the innovative option to withdraw it before the fixed period ends.
Yes. Your funds are held in savings accounts provided by our partner banks. All our partner banks are authorised by the Financial Conduct Authority (FCA) and regulated by the Prudential Regulation Authority (PRA). This means that if a partner bank were to fail and is unable to pay its debts, the FSCS will compensate you for any eligible deposits you hold with that bank, up to £85,000.
Depoway receives a portion of the interest earned on the money held in your depoway account from the partner banks. This revenue mainly covers our operational costs and also enables us to provide our services free of charge to you.
No. Saving with us is free of charge. You will not pay to open an account, money transfers or any annual service fees. In addition, the above interest rate is not dependent on the amount on your account. You can start from just £1.
No, however, if the terms offered by our partner banks change significantly, we reserve the right to change this interest rate. We will inform you about this forthwith.
With us, you will have an option to withdraw your money instantly, no matter which type of account your money is held in. We don’t charge any fees for withdrawals and there are no restrictions on the number of times you can withdraw. It usually takes about one business day for your withdrawal to arrive in your bank account, however, in the future, we plan to ensure withdrawals are instantaneous.
Currently, we are in the process of building our app and we expect that it will be ready in Q1/2021.
If you have any other questions you can visit the full FAQ
182-184 High Street North,
E6 2JA, London
Depoway Savings app is offered by Depoway Ltd. Depoway Ltd is a private company limited by shares incorporated in England and Wales with the company number 12820673. The registered office address is at Office 300b, 182-184 High Street North, E6 2JA London, UK.
Depoway has been appointed as a distributor of electronic money on behalf of Modulr FS Limited. Modulr FS Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900573). Modulr FS Limited is registered at Scale Space, 58 Wood Lane, London, W12 7RZ, UK.
Trademarks, trade names and logos are displayed as registered trademarks of their respective owners. They do not imply affiliation to or support for Depoway.
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Customer funds are held by Depoway in trust on its behalf with savings accounts provided by Depoway partner banks. These are insured by the Financial Services Compensation Scheme (FSCS). Customer funds are insured by the FSCS up to 85,000 GBP per bank. However, it should be noted that this insurance limit applies to all customer funds held in a given bank, including those outside the Depoway Savings app. The customer is obliged to control their funds covered by the insurance in a given bank. For more information on FSCS insurance, please visit here.