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