C. Cash Savings Terms Supplement
The terms in this supplement govern your use of the cash savings section of the dozens app. This supplement forms part of the overall terms between you and dozens.
1. Cash savings
Cash savings are savings amounts that you set aside from your everyday spending in your current account, with the ultimate aim of using the amounts for purchasing dozens fixed interest bonds, or using them for investment purposes.
Interest is not currently payable on cash balances held in your cash savings account. In the event this changes we will let you know.
If you change your mind and do not intend to use your savings towards dozens fixed interest bonds or for investment purposes, you can withdraw your savings at any time, and the money will be transferred back to your dozens current account instantly. If you do not have a dozens current account, your cash savings will be transferred to your nominated bank account – this usually happens within a matter of minutes, but can take up to 2 working days.
2. Savings rules
You can save with us in a number of ways:
- regular savings amounts: you can choose to save amounts on a regular/periodic basis into your cash savings account
- IFTTT rules: which stands for “if this then that”, and is essentially a fun set of rules that you can use to help you save. There are lots of fun rules to choose from which you can customise within the app
- round ups: when you use your dozens card you can choose to round up your spending on each transaction to the nearest whole pound, and to put the difference in your cash savings.
3. How your savings are safeguarded
dozens has teamed up with Third Platform Services (TPS – details and terms in the custody terms supplement) to offer you an integrated cash savings account. TPS provides safeguarding services, and deposits your money with Bank of Scotland (part of the Lloyds Banking Group).
Your cash savings are covered by the Financial Services Compensation Scheme (FSCS), up to £85,000 per person per bank (please check if you have any other accounts with the Lloyds Banking Group, as the £85,000 limit protection is limited across all your Lloyds Banking Group accounts). You also have protection of up to £50,000 in relation to any default of TPS.
You can find more information on FSCS by visiting fscs.org.uk or by writing to the FSCS for more information:
Financial Services Compensation Scheme 10th Floor Beaufort House 15 St. Botolph Street London EC3A 7QU Tel: 0800 678 1100 or 020 7741 4100