FAQ > Bonus programmes

How Welcome & Referral programmes work?

Welcome Bonus 👋

Join our waiting list and get £1,000 to try us. Interest on this amount will be added to your Depoway account on a monthly basis. You can withdraw the earned interest anytime.

Terms:

  • You need to join our waiting list before 30th November 2020.
  • After our launch you need to fully register on the Depoway app.
  • £1,000 will be added to your Depoway account on the first day of the month after you have fully registered. This money will be sitting on your Depoway account for a full year. You will not be allowed to withdraw this money nor will this money influence your overall FSCS protection limit.

Referral Bonus 🔊

If you refer a friend who then joins our waiting list and subsequently fully registers with our app, we will:

  • Add an additional £100 to your Welcome Bonus. Interest on this amount will be added to your Depoway account on a monthly basis. You can withdraw the earned interest anytime.
  • Move you up the waiting list.
  • Plant a tree in your name in Australia.

You can invite up to a maximum of 20 friends.

We will inform you when your referred friend joins our waiting list. You can track your progress using your sharing link. Please be aware that not all your referred friends who join our waiting list will become fully registered. As a result, your total referral bonus will be lower.

Terms:

  • Your referred friend needs to join our waiting list before 30th November 2020.
  • After our launch, your referred friend needs to fully register.
  • £100 per referred friend will be added to your Depoway account on the first day of the month after they have fully registered. This money will be sitting on your Depoway account for a full year. You will not be allowed to withdraw this money nor will this money influence your overall FSCS protection limit.

Terms that apply to both programmes

  • You will earn interest on the above bonuses using an interest rate that will be available to you in the Depoway app. On 30th September 2020, this rate is 1.20% per annum. This rate can go up or down.
  • Interest accrues daily and will be added to your Depoway account on a monthly basis on the first working day of the following month. You can withdraw your earned interest anytime.
  • It is not allowed:

    • to create multiple accounts
    • to invite fictitious people
    • to invite people to use Depoway under false pretences (e.g. monetary reward)
    • to invite users who only intend to invite others rather than use Depoway
    • to invite users who intend to cancel once you have received your referral bonus

Depoway reserves the right to limit the Welcome & Referral programmes if it suspects any user did not use these programmes in good faith, or breached any of the above terms. In cases of suspected fraud further action may be taken and your Depoway account may be suspended and/or your bonuses withheld.

Sign up to our Waiting list
 
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.

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.

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.

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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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