Everything you need to know about The Deposit Service.
How do I open deposit account?
Browse the available deposit accounts on the accounts tab. When you want to select an account click "open account" and follow the instructions. Please note if you want to deposit more than is currently in your holding account, you will be prompted to add more money.
How are my savings protected?
We are authorised as an electronic money institution by the Financial Conduct Authority. Money in your holding account is protected by the FCA's safeguarding rules should we fail, and the FSCS should the bank we hold those deposits at fail. Money held in deposit products is protected by the FSCS.
Are there any fees or charges?
There are no fees or charges for using The Deposit Service. We may receive a fee from our banking partners for introducing deposits to them.
Can my interest change?
Interest rates on easy access and notice products can change anytime. Interest rates on fixed term products will remain the same until the product matures and your deposit is returned to the holding account.
When will I receive my interest?
The timing of interest payments will vary for each deposit account. Interest will always accrue daily but could be paid daily, monthly, annually or at maturity. The timing of interest payments will be made clear in the product details.
How is my interest taxed?
Interest is paid gross without any tax deducted. If it your responsibility to ensure you pay any tax due on interest via your tax return, over and above any Personal Savings Allowance that you may be entitled to.
Do you provide any tax information?
Yes. Once a year after April 5th, The Deposit Service will publish a consolidated interest statement in the documents tab within your account.
Who is eligible to open an account?
The Deposit Service is available to UK tax resident individuals who are over 18 years old.
