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.