No, in fact we've build Depoway as a risk-free solution for those prone to gambling. Considering the amount of money spent on traditional lottery tickets that bring players no return we wanted to make sure that money is never used to obtain Depoway tickets. This way our users do not gamble, because there is no way to purchase tickets. We grant our users tickets for money they deposit with us, which improves their personal finance habits. Second way to obtatin tickets is by spending money with users' favorite retailers. App itself is not build around gambling schemes and games like slot machines. When designing Depoway we wanted to make sure that its UI doesn't impact user in a way that evokes gambling habits. Moreover we want to help those that may have those issues by offering them a risk-free solution that allows to improve both saving and spending habits.
Prize-linked saving accounts with draws and prizes are offered by other UK banks and Credit Unions. A prize-linked savings scheme underpins the Premium Bonds offered by the NS&I, which Depoway is based on. Depoway offers a prize-linked money account as well, but digitally-native. We are based on prize promotion, not on gambling license.
The Depoway app is a free mobile app through which customers can win cash prizes by saving or spending at places they love.
The Depoway 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 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). Depoway is on the Financial Services Register with reference no. 902977. The Depoway app is not a bank savings account and doesn't pay interest. Depoway is registered with the Information Commissioners Office, with registration number: ZB008359.
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