FAQ > Bonus programmes

How much interest will I earn?

Below you can see how much interest you will earn from Welcome and Referral Bonus programmes during its whole 12 months duration period.

These interest will be added to your Depoway account on a monthly basis. You can withdraw the earned interest anytime. Interest will be calculated using an interest rate that will be available to you in the Depoway app after our market launch. On 30th September 2020, this rate is 1.20% per annum. This rate can go up or down.

Please notice that you will not be allowed to withdraw £1000 and £100 nor will this money influence your overall FSCS protection limit.

Total bonuses value Total interest earnings Monthly interest earnings
Welcome Bonus £1000 £12,00 £1,00
Welcome Bonus + 1 friend £1100 £13,20 £1,10
Welcome Bonus + 2 friends £1200 £14,40 £1,20
Welcome Bonus + 3 friends £1300 £15,60 £1,30
Welcome Bonus + 4 friends £1400 £16,80 £1,40
Welcome Bonus + 5 friends £1500 £18,00 £1,50
Welcome Bonus + 6 friends £1600 £19,20 £1,60
Welcome Bonus + 7 friends £1700 £20,40 £1,70
Welcome Bonus + 8 friends £1800 £21,60 £1,80
Welcome Bonus + 9 friends £1900 £22,80 £1,90
Welcome Bonus + 10 friends £2000 £24,00 £2,00
Welcome Bonus + 11 friends £2100 £25,20 £2,10
Welcome Bonus + 12 friends £2200 £26,40 £2,20
Welcome Bonus + 13 friends £2300 £27,60 £2,30
Welcome Bonus + 14 friends £2400 £28,80 £2,40
Welcome Bonus + 15 friends £2500 £30,00 £2,50
Welcome Bonus + 16 friends £2600 £31,20 £2,60
Welcome Bonus + 17 friends £2700 £32,40 £2,70
Welcome Bonus + 18 friends £2800 £33,60 £2,80
Welcome Bonus + 19 friends £2900 £34,80 £2,90
Welcome Bonus + 20 friends £3000 £36,00 £3,00
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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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