General
Client’s deposits are not held by Velnoria, they are held securely by relevant banks. All of our partner banks, including the hub account provider, are covered by the FSCS in the event of the bank going out of business.
The FSCS deposit limit relates to the combined amount in all the eligible depositor’s accounts with the same bank (whether held directly or indirectly via a third party provider) and not to each separate account.
Client deposits in the hub account are not protected by the FSCS in the event of Velnoria going out of business, they are instead protected by the FCA's safeguarding rules for Electronic Money Institutions. There are no limits to the amounts protected through safeguarding.
What happens if a partner bank or the hub bank fails?
The FSCS provides protection of up to £120,000 of eligible deposits, per individual, per authorised bank. If you hold a joint account, the protection is up to £240,000. The FSCS compensates savers automatically, there is no need for you to do anything. In the event of a bank failure the FSCS will check and pay compensation as soon as possible, and always within three months. Please note it may take longer for the FSCS to pay compensation via Velnoria's services than if you deposited with the bank directly.
What happens if Velnoria fails?
In the unlikely event that Velnoria fails these assets are held separately to Velnoria’s own assets and cannot be touched by any creditors. At all times you, the client, have absolute entitlement over your deposit and any interest earned. Client deposits held at partners banks will be returned to customers by the administrators, except where a maturity date or notice period applies, and will remain protected by the FSCS. Client deposits in the hub account are safeguarded and would be returned by administrators, but some costs could be taken by the administrator.
The list of available deposit takers, savings accounts, and their interest rates is updated frequently. To view the most up-to-date rates and products, please log in to the platform.
No, Velnoria is not a bank. Velnoria allows you to manage multiple accounts from multiple banks, all in one place.
Generally fixed term deposits and notice deposits are unbreakable. Partner banks will typically allow breakage in cases of bereavement. Partner banks may also consider breakage in cases of extreme financial hardship or vulnerability. This will be reviewed on a case-by-case basis by each bank.
The Financial Services Compensation Scheme (FSCS) was set up in 2001 under the Financial Services and Markets Act 2000. They are independent of government and the financial services industry and step in to pay compensation if authorised firms fail. All of the partners banks available via Velnoria are covered by the FSCS. The limit is £120,000 of eligible deposits per banking licence.
The Velnoria account is available to individuals who are resident in the UK. Unfortunately the service is not available to US citizens.
There are no charges or fees. Velnoria will receive a share of the interest from the bank. This is deducted prior to the account being made available on the platform so the rates you see are the rates you will get.
The hub account is an account held for you with an approved bank (currently HSBC Bank Plc), for which you will have your own unique account number and sort code.
This account enables you to place and manage deposits efficiently across all savings accounts made available by our partners banks. All withdrawals and maturities from our partners banks will come to your hub account first. From here you can deposit again or withdraw back to your nominated bank account.
Velnoria is a single service, accessed from a single application and sign in, that allows you to deposit across multiple partner banks and savings accounts.
Velnoria helps you make the most of your savings by bringing together a range of competitive savings options in one convenient place. Explore and compare savings accounts from different banks, find attractive interest rates, and choose the options that best suit your financial goals.