FAQ > General questions

What happens if Depoway goes bust?

Depoway is not a bank. When you use our service, we deposit your money with our partner banks – all of which are part of the Financial Services Compensation Scheme (FSCS).

Prior to sending your money to our partner banks, it will be kept in the e-money Hub account. For this short period of time (up to 1 business day), your money will not by covered by the FSCS but will be safeguarded according to regulations. Safeguarding means that we will hold your money on dedicated client money account maintained in large commercial UK bank (client money accounts keep your money separated from our own money).

In the event that Depoway were to go bust, we would stop facilitating any future deposits and enact our fully funded orderly wind down plan, allowing us to maintain a consistent service to existing customers. Any cash sitting in the Hub account would be returned to customers immediately, and cash deposited with savings accounts provided by our partner banks will be returned on the maturity dates of these accounts.

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.

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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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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