Prior to being deposited with our partner banks, your money will be kept in the segregated Hub account.
The Hub account is a dedicated client money account maintained in large commercial UK bank where we are required by law to hold your money separated from our own money. All money coming in and going out of your Depoway account goes through the Hub account.
When we receive your money into the Hub account, we’ll immediately issue your Depoway account with the same amount of electronic money (e-money) that will be deposited into savings accounts provided by our partner banks or you can withdraw it. Simply speaking. E-money is an electronic monetary value, equal to your money held in the Hub account, which we are required by law to hold on your behalf. You won’t earn any interest until your e-money will not be deposited with savings accounts.