Frequently Asked Questions

General questions

What is Depoway?

Depoway - easy access savings app built for you

How does Depoway Savings app work?

Depoway is a mobile app, tailored to your lifestyle that allows you to use bank savings products in the way that suits you best.

How does Depoway make money?

Depoway receives from partner banks a portion of the interest earned on the money held in your Depoway account.

What is the cost of using Depoway Savings App?

Saving through us is free of charge

What happens if Depoway goes bust?

In the event that Depoway were to go bust, all your money will be returned to you.

What is e-money?

E-money is an electronic monetary value, equal to your money held in the Hub account, which we are required by law to hold on your behalf.

What is the Hub account?

The Hub account is a dedicated client money account maintained in large commercial UK bank where we are required by law to hold your money separated from our own money.

Account opening

Can I apply for a joint account, or an account for a child?

At the moment, only 18+ individuals can save with us.

Can I save in an ISA or SIPP?

At the moment, only individuals can save with us.

Can I use a Depoway account even if I don’t have a National Insurance Number?

Unfortunately not. This data is mandatory for banks from the tax and deposit guarantee point of view.

Who can save through Depoway?

At the moment, only individuals can save with us.

What do I need to open an account?

To open an account, you would need to download the app, go through ID check process and connect your current bank account. All of this will not take more than a few minutes.

ID verification - what do I need?

We are an important link between you and our partner banks. So, we need to assure them that we follow stringent banking regulations known as Know Your Customer (KYC).

Managing your savings

Can I choose which banks my money’s saved with?

Yes, you can. We will be holding your money only with partner banks that are accepted by you. You can activate or deactivate whatever bank you like at the touch of a button in our app.

Do I have to withdraw to my connected current account? Can I withdraw to another account?

You can only withdraw your money to the bank account you have connected to Depoway through Open Banking.

Which banks can I connect with my Depoway account?

Learn how to integrate your current bank account with Depoway to get personalized savings tips and be able to add and withdraw your money.

How to connect Depoway with your current account?

Learn how to integrate your current bank account with Depoway to get personalized savings tips and be able to add and withdraw your money.

Can I add money from bank account that isn't connected with Depoway account?

No. You can only deposit money into your Depoway account directly from the bank account you have connected to Depoway.

Can I use multiple bank accounts with one Depoway account?

At the moment you can link one bank account to one Depoway account.

How do you choose which banks to partner with?

The banks we work with are typically younger ‘challenger’ banks who want to make saving easier and more rewarding for their customers.

How can I transfer funds to and from my Depoway account?

Learn more how to add funds to Depoway account and how to make withdrawal.

Bonus programmes

Can I withdraw my £1000 and £100 bonuses and when?

Learn more what you can withdraw from our Bonus programmes.

How Welcome & Referral programmes work?

Learn more how to get bonuses and what rules apply.

How much interest will I earn?

Learn more how much interest from Bonus programmes you will earn.

Interest, taxes and FSCS

Are my funds covered by the FSCS?

Learn more about the FSCS and how deposit insurance works

How is interest income taxed?

All interest is paid gross i.e without any tax deducted. You are responsible for paying any tax due on interest to HM Revenue and Customs.

A new way of saving!

Contact

Office 300b
182-184 High Street North,
E6 2JA, London
United Kingdom

We’re on a mission to make saving easy, fun, and rewarding again.

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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© 2021. All rights reserved.

FSCS insurance

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.

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