What is MoneyLockup?
This is for people who are easily tempted to spend money they have access to. Users typically set aside money in the savings account attached to their current account, and then dip into it across the month. People may want to keep money aside for a holiday, Christmas or just to save, but know that if the money is in a regular account, they’ll spend it.
Who is it for?
“The MoneyLockup” is a place you can lock up your spare cash or savings so you can’t be tempted to spend it. You save money and then withdraw it by travelling to a predetermined location to make withdrawals.
How safe is people’s money?
If you want to have access to your money you simply travel to the location of your lockup to withdraw your money using your phone.
What if people need their money?
Money is kept in an FCA regulated e-money account and held with Barclays. In the event that Barclays was to become insolvent, their money would be protected by the Financial Services Compensation Scheme (FSCS). If Squirrel were to become insolvent saver’s money would still be returned to users as it’s held at Barclays not Squirrel.
What does it cost?
At the account will pay a competitive rate which is to be announced on launch day.
Do the accounts earn interest?
Nothing. MoneyLockup is absolutely free, and Squirrel will make money from interest (in the future).
What happens if someone has an emergency?
How does it work?
Savers must travel to their lockup location to take money out. In the event of an emergency we will provide savers with an optional “Spare Key”. This is essentially a special reference that can be sent to a trusted person. The spare key can be used within the app to allow the trusted person to travel to the savings locker location and withdraw money into the saver’s bank account only.
So, what next?
Squirrel will commit to releasing MoneyLockup only once 10,000 people commit to using the app.
Join the waiting list and invite friends now.
WE'RE ON A MISSION TO HELP YOU SAVE MORE