NuWealth GB Bank Bondsmith Savings Ltd :-0

TooOrangeyForCrows

Hi. Does (or has) anyone here use (used) an App called NuWealth? 

Since my easy access saver cut the rate at the end of the year to 4.40% I was looking around to see if there were any that were 'significantly' better and found one at GB bank that offers a top up via NuWealth App which pulls it up to 4.86% https://www.nuwealthapp.com/gb-bank-easy-access

Anyway as normal I opened an account and sent the small tester amount and it is showing as coming out of my account to somewhere called Bondsmith Savings Ltd. Is this normal?
The money isn't actually showing as being in my NuWealth account (I presume this is one of the annoying things about using an intermediary where transfers do not happen automatically, grrrr).

Anyway I guess I'm just trying to check if this app/bank and the fact it is not showing my account name as being the beneficiary of my transfer is legit as on previous apps it has shown up as being my name. 

eskbanker

The link you included explains the role of Bondsmith:

How your funds are held

Bondsmith is the trustee and all money held in your GB Base Rate Tracker are held on trust for you, subject to the NuWealth Terms & Conditions and Bondsmith Terms. Any money you put in a NuWealth account is deposited with GB Bank by Bondsmith on your behalf. While there, it will always be held in a segregated trust account.

How your funds are protected

When your funds are held on deposit by GB Bank your eligible deposits are protected up to £85,000 by the FSCS per banking license. Any deposits over £85,000 with the same provider are not likely to be covered. When you transfer Bondsmith your money it is temporarily held in our Transit Account prior to sending it on to GB Bank. While in the Transit Account your money is protected by the FCA’s safeguarding rules if Bondsmith Savings Ltd were to fail, or the FSCS, if the Transit Account Provider were to fail.

masonic

Part of Quilter apparently.

Another intermediary service, you are transferring to an emoney account initially, so no FSCS protection until it is moved on to the savings provider.

TooOrangeyForCrows

eskbanker said:

The link you included explains the role of Bondsmith:

How your funds are held

Bondsmith is the trustee and all money held in your GB Base Rate Tracker are held on trust for you, subject to the NuWealth Terms & Conditions and Bondsmith Terms. Any money you put in a NuWealth account is deposited with GB Bank by Bondsmith on your behalf. While there, it will always be held in a segregated trust account.

How your funds are protected

When your funds are held on deposit by GB Bank your eligible deposits are protected up to £85,000 by the FSCS per banking license. Any deposits over £85,000 with the same provider are not likely to be covered. When you transfer Bondsmith your money it is temporarily held in our Transit Account prior to sending it on to GB Bank. While in the Transit Account your money is protected by the FCA’s safeguarding rules if Bondsmith Savings Ltd were to fail, or the FSCS, if the Transit Account Provider were to fail.

I guess the 6 pound question is What actually happens to your money whilst it's supposedly 'lost in cyberspace'?
As it is not in any of my interest accounts at the moment. . . .The probable 0% interest of wait time is probably something nobody thinks about factoring in when choosing accounts?

Eyeful

Have you looked here for better rates?
https://moneyfactscompare.co.uk/savings-accounts/
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

eskbanker

TooOrangeyForCrows said:

eskbanker said:

The link you included explains the role of Bondsmith:

How your funds are held

Bondsmith is the trustee and all money held in your GB Base Rate Tracker are held on trust for you, subject to the NuWealth Terms & Conditions and Bondsmith Terms. Any money you put in a NuWealth account is deposited with GB Bank by Bondsmith on your behalf. While there, it will always be held in a segregated trust account.

How your funds are protected

When your funds are held on deposit by GB Bank your eligible deposits are protected up to £85,000 by the FSCS per banking license. Any deposits over £85,000 with the same provider are not likely to be covered. When you transfer Bondsmith your money it is temporarily held in our Transit Account prior to sending it on to GB Bank. While in the Transit Account your money is protected by the FCA’s safeguarding rules if Bondsmith Savings Ltd were to fail, or the FSCS, if the Transit Account Provider were to fail.

I guess the 6 pound question is What actually happens to your money whilst it's supposedly 'lost in cyberspace'?
As it is not in any of my interest accounts at the moment. . . .The probable 0% interest of wait time is probably something nobody thinks about factoring in when choosing accounts?

It's not 'lost in cyberspace', it's in transit from your account via the transit provider into the target account, which, as you surmised, is an inevitable consequence of using intermediaries.