Question 1

What Services are offered by Upside and what are the costs?

Accepted Answer

The Upside cost structure explained

Upside will provide the following services to our users (Upsiders)

Auto-Save
Auto-Cashback
Found-Money
As an Upsider, there is no charge for the app and can be downloaded FREE from your respective app store
Below is an explanation of our services and the associated service and transaction fees:

1. Auto-Save:

This service is provided FREE of charge to Upsiders
This is a dynamic amount that you specify on a weekly basis to save into your Upside Account and is collected via direct debit
Follow the Auto-Save steps in the app to start saving on a weekly basis
Auto-Saves can be started or stopped at anytime from within the Upside App
There is no charge for the "saving" transaction regardless of the amount

2. Auto-Cashback:

This service is provided FREE of charge to Upsiders
Auto-Cashbacks are dynamic amounts that are earned by you as you continue shopping normally at your favourite stores
These Cashbacks are identified and calculated from your OpenBanking data and then paid into your Upside Account
There are no transaction fees associated with Cashbacks and in short - the more financial accounts you connect, the more data is available for you to earn savings

3. Found-Money:

This service is provided FREE of charge to Upsiders but DOES incur a transaction fee of 15%
Upside will go and hunt savings on your behalf ba

Question 2

Can I run the Upside App on a jailbroken device?

Accepted Answer

As a regulated company by the Financial Conduct Authority (FCA), Upside has a responsibility to guard against financial crimes such as fraud and money laundering.

removes safeguards from your device, which
can leave your device and its content vulnerable to fraudulent attacks

If we detect that the device you’re using has been jailbroken or rooted, you will not be able to run or load the Upside app on your device.

You’ll still be able to access our website and our Customer Care help center through your mobile browser.

If you believe you have received the "Jailbreak Detection" message in error, please Talk to us so that we may assist you further.

Question 3

How "safe" is the money in my Upside Account?

Accepted Answer

Safeguarding the money (Upsides) we receive from you

Your Upsides are kept in a “Safeguarded Account” with our Electronic Money Institution (EMI) partner, PayrNet (Terms and Conditions)
This means that your money is kept in your own name and separate bank account(s) belonging to the EMI, which are separate from our own office bank accounts

From a regulatory perspective, and unlike your bank, we cannot and will not use the funds to invest or lend to other persons or entities

Please note:

Your Upsides (e-Money) will not accrue interest; and
it is not covered by the Financial Services Compensation Scheme (FSCS)

If Upside ceases to trade, or becomes insolvent, the E-Money Provider will arrange for the redemption of the funds in your Upside Account. If the E-Money Provider ceases to trade, or becomes insolvent, Upside will make claims for the redemption of your funds on your behalf.

You can read more about this in our Upside Terms and Conditions and Privacy Policy

Question 4

How do I withdraw savings if I DON'T have a UK Bank linked to my account?

Accepted Answer

NOT LINKED A UK BANK ACCOUNT OR ONLY LINKED A CREDIT CARD? - This method will require some manual intervention for you to withdraw savings and will require you to send us some information as part of UK Anti-Money Laundering regulations. Requests received from a non registered Upside email address will be disregarded. Your registered email address can be found in the Personal Info section of the Settings page within the Upside App.

Please send and email from your registered Upside email address to compliance@upsidesaving.com with the subject - "Request to withdraw savings"
Please include a scanned copy or photo of your bank statement dated within the last 14 days of your request clearly showing
Your Name and Surname
Your current residential - address must match the address on your Upside account - If this does not - please
Please ensure your sort code and account number is visible
Please copy the following line into the body of your email

I, of

hereby confirm that I am the account holder of the following UK Bank Account , , as outlined in the attached and request Upside to transfer the following amount via FPS withdraw <£ x.xx> from my Upside account to the aforementioned specified account.

Once we receive this request, we will process your withdrawal and aim to transfer your funds within 24 hours - Monday to Thursday inclusive - with Friday being the last payday in the w

Question 5

What is Know Your Customer (KYC)?

Accepted Answer

KYC (Know Your Customer) is the process, required by law, where a financial services business needs to identify and verify the identity of its clients.
In the case of financial institutions, regulated by the Financial Conduct Authority (FCA), the objective of KYC is to help understand our customers better, and as such is required to:

Verify the identity of customers
Ensure we comply with all UK legislation pertaining to Anti-Money Laundering (AML)
Help prevent financial crime such as fraud
Not engage with people who have been financially sanctioned and
Understand the impact from politically exposed people (PEP)

Question 6

I did not receive a "verify my email address" email?

Accepted Answer

If you are stuck at the Welcome to Upside" screen and did not receive a verification email**

Tap on the I didn't get an email link at the bottom of the screen

Upside will now attempt to send you another verification email as well as provide you with the ability to Talk to us

If you still don't receive an email, please do check your spam

If you still have not received an email, please Talk to us and of our friendly customer care team will assist you.

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