Frequently Asked Questions
New to Numeos and got questions? Hopefully we can answer them below!
Who is behind Numeos and what is their story?
Numeos is a UK-based fintech venture. Our two co-founders have 25+ years of experience of financial services. They have started Numeos because they saw the opportunity to create a simple product that unlocks great value for savers.
Who is eligible to become a Numeos customer?
If you are a resident of the UK, an EU/EEA country or Switzerland and are at least 18 years of age, you can open a Numeos Account as a single account.
Nationals and Permanent Residents of the US are not entitled to access the offers due to extensive regulations regarding the transfer of data.
Will Numeos advise me about specific products?
We will be introducing this feature will be released at a later date, but only for Savings Accounts. We will do that based on your answers to a product building questionnaire. However, keep in mind that we do not know your personal situation, your individual asset position nor your broader investment goals. Our advice is limited to the portion of cash savings / lump sum that you place with us.
Does Numeos function exclusively online?
Yes. We do not send any information documents by post. All information is available at www.numeos.co.uk. Your product selections and contractual documents are all online.
How does Numeos make money?
We are focused on customer and partner acquisition at this stage. In later stages, Numeos will probably charge its customers a small fee (around 5% of the interest earned from the partner banks) and also charges the partner banks for rendered services. Our future fee introduction will not apply retroactively.
What is the minimum investment amount?
The minimum investment to open a savings account with one of our partner banks is usually GBP 1’000.
What is the maximum investment amount?
There no maximum deposit amount. However, each partner bank may set a maximum investment amount for each of their products. This is usually the maximum amount covered by the FSCS (GBP 85,000). Your investment will be limited to £85,000 in any one bank separately authorised by the Prudential Regulation Authority. You can of course save more than £85,000 but no more than £85,000 will be in any one bank.
Where are my funds held?
Your funds are deposited with the relevant partner bank(s) in an account in your own name. At no point in time do your funds sit in an account that doesn’t belong to you.
What terms and conditions apply?
The conditions for the term deposit can be found in the respective product information sheet, as well as in the terms & conditions of the respective partner banks where your money is held.
What is a fixed-rate bond (also called fixed-term deposit)?
A term deposit (also known as fixed-rate bond / savings account or fixed-term deposit) is an investment product which allows a one-time investment of a fixed sum for a fixed term at a fixed interest rate – all of which are determined at the beginning. Some accounts allow early withdrawals (against a penalty) while some other don’t.
What happens when my fixed-rate bond matures?
It is straight forward. When your fixed-rate bond with our partner bank matures, we will automatically do the following (you don’t need to think about it as it will happen automatically):
- Pay the full amount of your interest top-up into a temporary account under your own name with our transaction partner bank (Santander)
- Then, you decide what to do with you funds sitting with both our partner bank and our transaction bank. Your options will be: i) transfer back to your current account, ii) re-invest in a fixed-rate bond, iii) re-invest in another type of savings account. We have developed a Artificial Intelligence functionality to assist you with this decision and execute it on your behalf seamlessly
Can I open a joint account at Numeos?
Not for now. However, it will be possible to open a joint account with Numeos in a later product release.
Can I make transactions from my Numeos Account to other accounts?
For your own security, you may only make a transaction to/from your accounts with our partner bank or transaction bank (Santander) from/to the current account you have specified during sign-up. You cannot make transactions to/from other accounts.
To which account are interest payments credited?
Bank interest payments will be credited to your account(s) with our partner bank(s). At maturity, we will also send your Numeos top-ups to your account with our transaction bank. The balances of both accounts including all interests can then be transferred back to your reference current account.
Our Partner Banks
What are the advantage of our partner bank accounts vs. regular Savings accounts (found on comparison websites)?
There is no advantage per se but note that regular savings accounts tend to limit monthly investment to a relatively low amount (typically £100-£500). Our partner banks are always at the top of the comparison website tables (within 0.10% of the highest interest rate out there). However, opening an account with Numeos (and our Partner Banks) can get you a sizeable Numeos interest rates top-up through our app
Are all the partner banks secure?
We take great pride in carefully selecting the partner banks we work with and aim to provide the most secure service to our customers. However, we are unable to provide a guarantee for the security of our partner banks. To keep you fully informed at all times, we have provided additional information about each term deposit product in the Online Banking System.
What risks are involved in term deposits?
Investing in a fixed-rate bond or term-deposit involves NO risk to the customer. As is common for other deposit products, term deposits are secured against insolvency of a credit institution by national deposit guarantee schemes. Based on regulations in the UK, member states have set up national deposit guarantee schemes which cover up to GBP 85,000 per customer and bank.
If the term deposit exceeds the maximum amount covered by the deposit guarantee, the amount exceeding the deposit guarantee coverage is subject to an insolvency risk if the partner bank goes bankrupt.
There is no business risk because the payment of interest is not tied to any business growth as is the case for stocks.
As long as you invest in a term deposit in the same currency (GBP), no foreign currency risk exists. For term deposits made in a foreign currency, there are some risks. It is in your own interest to note that losses can occur for deposits made in a foreign currency (foreign currency risks). These losses can usually be offset in your personal tax declaration.
If interest rates rise – for example, if the Bank of England increases the base rate – the interest rate paid on your fixed rate bond will not increase. Similarly, if the bank base rate reduces it will not affect the interest rate paid on your existing fixed rate bond. Always remember that inflation reduces the buying power of your money.
Deposit Guarantee Scheme by the FSCS and your Numeos account
What happens in the event of insolvency of a partner bank?
The security of your deposit is of the utmost importance to us when selecting our partner banks. All our partner banks are covered by the FSCS deposit guarantee scheme and have a full banking licence granted by the FCA.
We only work with healthy banks, but we cannot rule out the possibility of a bank insolvency. If such an event occurs, the FSCS will compensate deposits of up to GBP 85,000 per bank and per customer. If this occurs, Numeos will inform and support you during the process.
In the event a bank becomes insolvent, the procedure is regulated. A second (solvent) bank – a so-called servicing bank – is nominated to compensate the deposits to the savers covered by the deposit guarantee scheme.
The saver must apply for compensation payment, and should get their funds back in less a fortnight. In such a case, Numeos will provide assistance to its customers.
Details about the deposit guarantee scheme of the relevant country can be found in the respective product information sheet and at www.fscs.org.uk
How much of the balance on my Numeos Account is covered by the FSCS?
All your savings through Numeos will be covered by the FSCS as we ensure we don’t allocated more than GBP85,000 of your money to any of our partner banks. If you happen to hold a separate account with one of our partner banks, please contact firstname.lastname@example.org so that we can update you on the guarantee.
What is a deposit guarantee scheme and how does it work?
All member states of the European Union have agreed to protect the deposits of individual savers. The Uinted Kingdom will uphold this guarantee psot-Brexit. For this reason, and in accordance with EU specifications, the FSCS has committed to guaranteeing secure the savings deposits of private customers in case of bank failure. More details about the FSCS on www.fscs.org.uk
Are foreign investors treated the same as domestic investors?
Yes, the same regulations apply for both domestic and foreign investors
How do I change my contact information?
You can change most of your details directly in the personal details section of the Numeos app. For some details such as mobile number, you will have to contact our support team.
For ‘Master data’ which refers to the following: first name(s), surname(s), maiden name(s), date of birth, place of birth, gender, nationality and origin bank account, you will need to contact our support team. They will ask you to submit copies of relevant documents and to perform a reference transaction. We will of course keep you informed about all the relevant steps required.
What should do if I am locked out of my account?
Please check if you have entered your User ID and PIN correctly. Please also check if you have not accidentally enabled the Caps Lock key.
If you have forgotten your login details, please contact our customer service team by email email@example.com or phone 0203870420
How do I change my reference account?
The reference account is the account from which you arrange payments to your Numeos account and back (it is usually your current account or an easy access savings account).
If you wish to change your reference account, you can do this in the by initiating the process on your Numeos app. A member of the team will then contact you to finalize the process.
What can I do if I have forgotten my PIN?
If you forget your PIN, you can reset it in on our app
How can I change my PIN?
You can change your PIN at any time by logging in to your Numeos account in our app
Which security standards does Numeos uphold?
The security of your data is of paramount importance to us. Therefore, we strive to use the latest security standards and technology to ensure you feel protected. Our firewall prevents unauthorized external access to your data in our system and our multi-step encryption and identification system ensures that unauthorized persons can neither intercept your data nor make it readable.
What is the impact of recent changes introduced by HMRC on the taxation of savings accounts?
You may also get up to £1,000 of interest tax-free depending on which Income Tax band you’re in. This is your Personal Savings Allowance.
|Income Tax band||Tax-free savings income|
|Basic rate (Up to £33,500)||£1,000|
|Higher rate (£33,501 to £150,000)||£500|
|Additional rate (Over £150,001)||£0|
Why do we ask for your TIN (Tax Identification Number)?
The request for a tax identification number (TIN) is a regulatory requirement of the European Union (EU). Under the EU Savings Directive, our partner banks are required by law to report the TIN, as well as other relevant information on an annual basis to HMRC. Usually, EU countries use TINs to identify taxpayers in order to facilitate the administration of their national tax affairs.
Please do not hesitate to contact us for further information.
Will I receive documents to help me file my taxes?
Yes, you will be provided with a document issued by the partner bank where you hold your term deposit.They will be consolidated in your Numeos mailbox where you can view, download, and print the documents conveniently.
What information does Numeos collect?
The data you enter on our website will be saved in our internal database. Information you send by email or contact forms is also saved in order to process your request as efficiently as possible.
If you do not wish to receive any further emails, letters or telephone calls which are not related to an existing contract with us, please inform our customer service team by email support@Numeos.com or by calling 02038704200.
What happens with the provided personal data?
We use your personal data exclusively to process your sign-up. When opening savings accounts on your behalf, we will forward your data to the relevant partner banks. All our partner banks adhere to strict data protection regulations as any bank.
We also only share your data (or subset, whatever is sufficient) to third parties commissioned by us to perform technical, regulated checks (Know-Your-Customer and Anti-Money Laundering in particular).
We automatically delete your data in the event our relationship is terminated and the legal data retention period has passed.
Does Numeos uphold data protection regulations?
Numeos has an obligation to maintain the security and confidentiality of customer-related information beyond the GDPR scope (General Data Protection Regulations).
Numeos is permitted to pass on information about customers only where and when it is legally required to do so or when a customer has explicitly consented to such sharing of his or her personal data. You will have to agree to disclose your personal data to partner banks or to Numeos for the purpose of opening a new account.
The protection of personal data with all contractual partners of Numeos is of vital importance. Therefore, all partners are committed to complying with data protection legislation in order to ensure sufficient protection and security of your data.
NumeosMart and our Fintech offerings
What is NumeosMart and how does it work?
NumeosMart is our innovation that allows us to top-up your interest rate.
Numeos offers you connections to a selection of well-established, trusted fintech partners, all of which are regulated, and have top customer reviews. These fintech partners are able to offer you innovative financial products, and as you discover and interact with the specialist offerings on the app, Numeos is able to top up the interest rates offered by its partner banks. The more engagement between you and Numeos’ partners, the higher the interest rates Numeos is able to offer you.
The end result is that savers benefit from higher interest rates, while Numeos’ partners benefit from exposure to those looking for savings and other financial products. It’s a win-win.
How do we select our fintech offerings?
We hand-pick for you some of the best FinTech offerings available. We believe that innovations by these companies will provide you with a much better option than traditional providers.
We systematically check for the FinTechs showcasing:
- . Rave customer reviews and a solid reputation in the market
- . Unique value proposition that truly improves on what is available
- . Outstanding teams with the relevant experience
- . Regulated when applicable
- . Other specific criteria by category of product
How do I subscribe to a partner's offering?
You simply go to their website or app and follow the instructions. If you initiate the proces from our app, you will be eligible for Numeos interest top-up.
We are in the process of developing a feature by which we would automatically sign you up with our Fintech partners
How is my Numeos top-up delivered to me?
We will transfer the full amount of your Numeos interest top-up at maturity to your account with our transaction bank. You can then have it in your current account in no time.
How much top-up do I get if I don't subscribe to any offering?
- Earn up to 0.30% AER interest top-up by simply spending time on our app exploring the Fintech offerings
- Earn between 0.10% and 0.30% AER interest top-up each time you subscribe to a product by one of our Fintech partners (depending on the product and the service subscribed to). This top-up will be valid for up to 5 years (terms and conditions apply)
- We expect our customers to earn an average interest top-up of 0.50% AER each year
Is my data shared with with Fintech partners?
The simple answer is No.
However, we are developing an auto-signup feature that will enable you to sign-up seamlessly to our Fintech partners offers. This feature will require us to share your basic personal data (e.g. name, email, phone) with our partners. We will then explicitly ask for you permission to share each data in each instance with each partner (in a friendly format that allows you to decide for yourself)