FAQ > General questions

How does Depoway Savings app work?

Depoway Savings App is a free mobile app through which you can automatically place your money with multiple savings accounts (fixed rate a/c, notice a/c, and easy access savings a/c) provided by our partner banks.

  1. 1

    Fast and easy setup

    It just takes a couple of minutes to open an account straight from your phone.

  2. 2

    Top-up your account

    To add money to your new Depoway account for the first time, we will ask you to integrate your current bank account with your Depoway account. This connection is in read-only mode and your data will be protected by bank level 128-bit encryption.

    Our smart AI algorithms will analyse your spending habits and advise you what is the perfect amount of money you can successfully save. You can choose rather to follow these recommendations or to follow your own instincts and do it on your own.

    Before your money will be deposited with our partner banks, it will be kept by us in the Hub account. For this short period of time (up to 1 business day), your money will earn 0% interest and will not by covered by the FSCS but will be safeguarded.

  3. 3

    Placing your funds with our partner banks

    All funds received from you will be automatically deposited on your behalf in savings accounts provided by our partner banks you choose, in order to give you the market-leading average interest rate (AER) and possibility to get your money back whenever you need it.

    The AER interest rate that you receive will always be as stated in our app, with no hidden fees or deductions. The AER is variable and subject to daily change. The AER available to you may be lower if you designates a bank as ineligible to hold your money.

    Security of your savings

    Banks you choose will hold your money as a deposit. Just like other deposits with banks, your money will be protected by the Financial Services Compensation Scheme (FSCS). This means that if the deposit is made in a bank providing FSCS coverage, and if you meet the eligibility criteria yourself, then if bank was to fail you are guaranteed by the Scheme to receive back any eligible deposits you have made with the particular bank up to £85,000.

  4. 4

    Withdrawals

    Your interests are accrued daily and paid monthly to you.

    With us, you will have the possibility, but not the guarantee, to withdraw your money from our app instantly. To do this we will realise part, or all, of your withdrawal request before we actually receives your money from the savings accounts in which this money is held. If, for any reason, we will not be able to provide this service to you, your withdrawal request will be realised on the maturity dates of these accounts.

    We won’t charge you any fees for withdrawals and there are no restrictions on the numbers of times you can withdraw. It usually takes about one business day for your withdrawal to arrive in your bank account.

What is Depoway?

Depoway - easy access savings app built for you

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.

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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