FAQ > Managing your savings

How can I transfer funds to and from my Depoway account?

Adding funds to your bank account is very fast and simple. You can do it in two steps.

Adding money

Using our AI smart algorithms and your spending habits we will advise you how much you can safely put away on Depoway account. Of course, you are free to decide to follow our recommendation or to decide for yourself how you want to build your savings.

Adding funds to Depoway account is done by our payment processing partner TrueLayer.

TrueLayer is regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 as an Authorised Payment Institution to provide account information services and payment initiation services (Firm Reference Number: 793171) and under the Electronic Money Regulations 2011 as an authorised Electronic Money Institution (Firm Reference Number: 901096).

Depoway and TrueLayer never store any information that can be used to access user bank account. If you want to learn more about TrueLayer please look here.

Withdrawals

With us you will have the possibility to withdraw your money instantly, no matter which account type your money is held (easy access a/c, notice a/c, or fixed rate a/c). 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

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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