Everything you need to know about The Deposit Service
How do I open a 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 I do top up?
Topping up your Deposit Service holding account is simple. Make a bank transfer to the account number and sort code, which is unique to your account, at the top of the dashboard.
How do I withdraw my savings?
You can withdraw money in your holding account by clicking withdraw in the top right hand corner of the screen. Money in an easy access or notice account will need to be withdrawn to your holding account first. Money in a fixed term will generally not be available to be withdrawn until maturity.
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.
When will I receive any 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.
What happens when a fixed term deposit matures?
At maturity deposits will be returned to your holding account, where you will be able to select a new deposit account or withdraw to your nominated bank account.
Can my interest rate 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.
Are there are 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.
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.
Can I withdraw money from a fixed term deposit?
No, money held in a fixed term deposit is generally only available at maturity. There are a limited number of exceptional circumstances where you may be able to access deposits early (e.g. terminal ill health).
