E-money EverUp and Modulr - avoid or go for?

TheLittleThings

I've recently been told about the EverUp app - an e-money institution regulated by the FCA, and money is safeguarded in a Bank Of England account (this info is from the EverUp site). Its partner is Modulr. The more you save, the more chances you have to win the prizes that they offer.

Has anyone had any experience of these firms? Modulr has a lot of reviews saying that scammers use their accounts, which doesn't sound great and if it's true and the fault of Modulr I'd want to avoid them as companies should so their utmost to protect everyone from fraud. Any info appreciated. Thanks.

tebbins

TheLittleThings said:

I've recently been told about the EverUp app - an e-money institution regulated by the FCA, and money is safeguarded in a Bank Of England account (this info is from the EverUp site). Its partner is Modulr. The more you save, the more chances you have to win the prizes that they offer.

Has anyone had any experience of these firms? Modulr has a lot of reviews saying that scammers use their accounts, which doesn't sound great and if it's true and the fault of Modulr I'd want to avoid them as companies should so their utmost to protect everyone from fraud. Any info appreciated. Thanks.

Never heard of "e-money".
Never heard of any of these companies.
NS&I do a prize draw - it's called Premium Bonds and is backed by the UK Government.
If there are reviews saying the word "scam" it's an easy no from me.

Alexland

EverUp seem to be a small startup who seem to want you to use them to start playing games related to your money. Stating the money is protected because it is held in the Bank Of England is very unusual and in the small print they confirm they are not FSCS protected so is this money really protected from creditors who might claim it if they fail? I don't see what they are really proposing and it doesn't seem worth the time even trying to understand as I am not lacking fun with my money so no I wouldn't use them for anything.

Eyeful

1. everup.uk acts as an agent for Modulr FS Ltd(FRN 900573)

2.  E-money, is not protected by the FSCS.
https://www.fscs.org.uk/news/protection/e-money/

3. If you type the Modulr FRN 900573, into the following fscs website you will clearly see they say it is not protected. 
         https://www.fscs.org.uk/check-your-money-is-protected/

4. Why not have a go on NS&I Premium Bonds or the National Lottery?

masonic

It doesn't make much sense to risk your money to be entered into a prize draw. If EverUp or Modulr go bust you might lose 100% of the money you hold with them.

jimbob10000

I've only just come across the Everup app and, while I can see the attraction, the fact that it's classed as e-money and not FSCS protected is a big concern. There are certainly far safer alternatives - not just NS&I but also the PrizeSaver Account that you can access through various credit unions. £5,000 first prize each month and runners-up prizes of £50 and £20 - and savings protected as all credit unions fall under the FSCS. I'm with Commsave Credit Union and have put £200 in to get the maximum number of entries for each draw. And you get a dividend on savings too.

Malthusian

Any company that tries to compete with Premium Bonds is dead in the water as nobody can build a viable business in an industry with razor-thin margins where there is a competitor with scale, name recognition and prizes subsidised by taxpayers' money.

The draws offered by credit unions and building societies are different as they're just a fun sideline, not their entire business model.

If EverUp goes bust, the best case scenario is that your ringfenced money will eventually be returned, and the worst case is that it does a Farepak and you lose up to 100% of your money. Either way it's not worth it.

There's blockchain bro nonsense in the offing too.

We want to turn saving, investing and spending actions into opportunities to win tax-free money, cryptos and valuables (and later EverUp utility token too) via participation to our no-loss lottery-style games.

Bro to English translation: you will hand over real money for EverUp tokens which they have generated for free by pressing a button. If you want your money back you will need to find someone willing to buy your EverUp tokens.

As that is the opposite of a "no-loss" lottery, it suggests the pool of suckers on crowdfunding websites is starting to run dry and they need to go for a crypto cash grab.