Sidekick Money Ltd - Safe to use?

t1redmonkey

freeguy1984uk said:

After all considerations, I'm going to trust my initial gut feeling and not use them!

It was the lack of reviews online that concerned me too, something that's not been mentioned in this thread yet.

https://www.trustpilot.com/review/www.sidekickmoney.com

I'm not going to say if Sidekick are good or bad, since I haven't used them, I've just downloaded the app and not applied for anything.  However, I do question the logic of using Trustpilot for deciding whether or not to use a financial institution.  If you check most of the 'high street' banks on there, they nearly all have only 1 or 2 stars out of 5, this includes the likes of Barclays and Natwest.  Does that mean you wouldn't ever open an account with them?

Eyeful

As I pointed out in my post, if you are not sure do not let the interest rate sway you. 
You should not ignore your gut feeling if some thing does not feel right.
I am glad that you did some research into this company before you decided to give them any of your money.

The important points in checking your savings are going to be safe, is to use both of the following
(a) FCA register to find the FRN, land address, phone number, website address of the real company 
(b) FSCS SAVINGS PROTECTION CHECKER.

You found no reviews for this company on trust pilot, one reason could be that this is a new company that has just obtained all the the necessary permissions from the FCA and has yet to get any customers.

You use the FCA register information to make sure you are dealing with the real company.

Do the important checks first, then do some more back ground checking on the company using the internet. 

 

hcofootinv

Eyeful said:

As I pointed out in my post, if you are not sure do not let the interest rate sway you. 
You should not ignore your gut feeling if some thing does not feel right.
I am glad that you did some research into this company before you decided to give them any of your money.

The important points in checking your savings are going to be safe, is to use both of the following
(a) FCA register to find the FRN, land address, phone number, website address of the real company 
(b) FSCS SAVINGS PROTECTION CHECKER.

You found no reviews for this company on trust pilot, one reason could be that this is a new company that has just obtained all the the necessary permissions from the FCA and has yet to get any customers.

You use the FCA register information to make sure you are dealing with the real company.

Do the important checks first, then do some more back ground checking on the company using the internet. 

 

Hi mate, I'm quite new to this kind of thing but read both of your posts on this thread. I couldn't fully understand whether you think the money would be fscs protected since it is held in gb bank but sidekick are the middlemen? So my understanding would be that it is protected through gb bank but do you think differently? 

Eyeful

hcofootinv said:

Eyeful said:

As I pointed out in my post, if you are not sure do not let the interest rate sway you. 
You should not ignore your gut feeling if some thing does not feel right.
I am glad that you did some research into this company before you decided to give them any of your money.

The important points in checking your savings are going to be safe, is to use both of the following
(a) FCA register to find the FRN, land address, phone number, website address of the real company 
(b) FSCS SAVINGS PROTECTION CHECKER.

You found no reviews for this company on trust pilot, one reason could be that this is a new company that has just obtained all the the necessary permissions from the FCA and has yet to get any customers.

You use the FCA register information to make sure you are dealing with the real company.

Do the important checks first, then do some more back ground checking on the company using the internet. 

 

Hi mate, I'm quite new to this kind of thing but read both of your posts on this thread. I couldn't fully understand whether you think the money would be fscs protected since it is held in gb bank but sidekick are the middlemen? So my understanding would be that it is protected through gb bank but do you think differently? 

I do not think that if you sent money directly to  Sidekick Money Ltd(FRN:984829) you would be covered by the FSCS Protection.
That money you held in GB Bank Ltd (FRN 850286) would be covered by the FSCS Protection up to £85000.

What I was suggesting was that you Do the important checks first, (see Example below). So you get correct verified information.

Then you can use the internet to do background checking, using, reviews, scam checkers, etc.  


Example  Sidekick Money Ltd

1. From the FCA Register for Sidekick Money Ltd (FRN:984829)

When you type into the check box either Sidekick Money Ltd or 984829

You get back all the correct verified information you need to contact the firm. Also other important information such as that below

Client Money

This firm cannot hold client money, but it can control a client's money under a mandate (for instance a direct debit over a client’s bank account, or some other form of authority given by the client)

2. The FSCS Savings Protection up to (£85K) only applies to UK authorised Banks, Building Society,  or Credit Unions.

Sidekick Money Ltd (FRN:984829) is not one of the 3 above, it will not be covered by the FSCS Protection.

When you type Sidekick Money Ltd or 984829 into the FSCS Savings Protection Checker box, it comes back with "No results found" 

3. GB Bank Ltd 

The FCA register shows GB Bank Ltd (FRN 850286)

The FSCS Savings Protection Checker shows GB Bank Limited is protected up to £85000

allegro120

As much as I gathered Sidekick is the same type of platform as Chip, Moneybox, Plum etc. They are not banks, but the money you deposit into savings accounts are held by the banks with FSCS protection.

Eyeful

It is wise to do the above checks, to make sure you are not dealing with a company clone.
There are many as can be seen by looking here:
https://www.fca.org.uk/consumers/warning-list-unauthorised-firms

hcofootinv

Eyeful said:

hcofootinv said:

Eyeful said:

As I pointed out in my post, if you are not sure do not let the interest rate sway you. 
You should not ignore your gut feeling if some thing does not feel right.
I am glad that you did some research into this company before you decided to give them any of your money.

The important points in checking your savings are going to be safe, is to use both of the following
(a) FCA register to find the FRN, land address, phone number, website address of the real company 
(b) FSCS SAVINGS PROTECTION CHECKER.

You found no reviews for this company on trust pilot, one reason could be that this is a new company that has just obtained all the the necessary permissions from the FCA and has yet to get any customers.

You use the FCA register information to make sure you are dealing with the real company.

Do the important checks first, then do some more back ground checking on the company using the internet. 

 

Hi mate, I'm quite new to this kind of thing but read both of your posts on this thread. I couldn't fully understand whether you think the money would be fscs protected since it is held in gb bank but sidekick are the middlemen? So my understanding would be that it is protected through gb bank but do you think differently? 

I do not think that if you sent money directly to  Sidekick Money Ltd(FRN:984829) you would be covered by the FSCS Protection.
That money you held in GB Bank Ltd (FRN 850286) would be covered by the FSCS Protection up to £85000.

What I was suggesting was that you Do the important checks first, (see Example below). So you get correct verified information.

Then you can use the internet to do background checking, using, reviews, scam checkers, etc.  


Example  Sidekick Money Ltd

1. From the FCA Register for Sidekick Money Ltd (FRN:984829)

When you type into the check box either Sidekick Money Ltd or 984829

You get back all the correct verified information you need to contact the firm. Also other important information such as that below

Client Money

This firm cannot hold client money, but it can control a client's money under a mandate (for instance a direct debit over a client’s bank account, or some other form of authority given by the client)

2. The FSCS Savings Protection up to (£85K) only applies to UK authorised Banks, Building Society,  or Credit Unions.

Sidekick Money Ltd (FRN:984829) is not one of the 3 above, it will not be covered by the FSCS Protection.

When you type Sidekick Money Ltd or 984829 into the FSCS Savings Protection Checker box, it comes back with "No results found" 

3. GB Bank Ltd 

The FCA register shows GB Bank Ltd (FRN 850286)

The FSCS Savings Protection Checker shows GB Bank Limited is protected up to £85000

Thanks for the detailed reply. I think since the cash is held at gb bank it is fscs protected. I spoke on livechat with someone at fscs and they said as much, although they were keen to fall back on the line of you will need to speak to sidekick to confirm how your funds are stored and invested. I think that is just a bit of legal coverage for them though.

hcofootinv

just to add to my comment. I've read a bit more on Chip which has been around longer and so has more comments on reddit etc. and that is similarly a middleman type situation but everyone seems quite confident that Chip is fscs protected so I think sidekick should be the same.

Eyeful

Yes Chip is a middle man. It is the trading name of Chip Financial Ltd. 

 Chip is not a UK authorised Bank, Building Society, or Credit Union, so any money you send to them directly will not have FSCS Protection.  The protection comes from any  UK authorised Bank, Building Society, they pass you on to.

Doing the basic checks we get:

FCA Register: https://register.fca.org.uk/s/
 FRN= 9115255,   
 website =  https://getchip.uk/,
The Financial Services Compensation Scheme will not be able to consider a claim against this firm if it fails

FSCS Savings Protection checker: https://www.fscs.org.uk/check/check-your-money-is-protected/
Type in Chip Financial Ltd.
 shows money not protected 

masonic

hcofootinv said:

Eyeful said:

hcofootinv said:

Eyeful said:

As I pointed out in my post, if you are not sure do not let the interest rate sway you. 
You should not ignore your gut feeling if some thing does not feel right.
I am glad that you did some research into this company before you decided to give them any of your money.

The important points in checking your savings are going to be safe, is to use both of the following
(a) FCA register to find the FRN, land address, phone number, website address of the real company 
(b) FSCS SAVINGS PROTECTION CHECKER.

You found no reviews for this company on trust pilot, one reason could be that this is a new company that has just obtained all the the necessary permissions from the FCA and has yet to get any customers.

You use the FCA register information to make sure you are dealing with the real company.

Do the important checks first, then do some more back ground checking on the company using the internet. 

 

Hi mate, I'm quite new to this kind of thing but read both of your posts on this thread. I couldn't fully understand whether you think the money would be fscs protected since it is held in gb bank but sidekick are the middlemen? So my understanding would be that it is protected through gb bank but do you think differently? 

I do not think that if you sent money directly to  Sidekick Money Ltd(FRN:984829) you would be covered by the FSCS Protection.
That money you held in GB Bank Ltd (FRN 850286) would be covered by the FSCS Protection up to £85000.

What I was suggesting was that you Do the important checks first, (see Example below). So you get correct verified information.

Then you can use the internet to do background checking, using, reviews, scam checkers, etc.  


Example  Sidekick Money Ltd

1. From the FCA Register for Sidekick Money Ltd (FRN:984829)

When you type into the check box either Sidekick Money Ltd or 984829

You get back all the correct verified information you need to contact the firm. Also other important information such as that below

Client Money

This firm cannot hold client money, but it can control a client's money under a mandate (for instance a direct debit over a client’s bank account, or some other form of authority given by the client)

2. The FSCS Savings Protection up to (£85K) only applies to UK authorised Banks, Building Society,  or Credit Unions.

Sidekick Money Ltd (FRN:984829) is not one of the 3 above, it will not be covered by the FSCS Protection.

When you type Sidekick Money Ltd or 984829 into the FSCS Savings Protection Checker box, it comes back with "No results found" 

3. GB Bank Ltd 

The FCA register shows GB Bank Ltd (FRN 850286)

The FSCS Savings Protection Checker shows GB Bank Limited is protected up to £85000

Thanks for the detailed reply. I think since the cash is held at gb bank it is fscs protected. I spoke on livechat with someone at fscs and they said as much, although they were keen to fall back on the line of you will need to speak to sidekick to confirm how your funds are stored and invested. I think that is just a bit of legal coverage for them though.

Ideally you would be sending money to a COP-matched account in your own name provided by GB Bank. If not, who is the named account owner and are they authorised to control client money? Sidekick Money should not own the account used to receive money from its customers.