FAQ

Frequently Asked Questions


General questions
What is Deposit Planet?

Deposit Planet is the first global online marketplace for term deposits.

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How does Deposit Planet work?

Deposit Planet is the first global online marketplace for term deposits.

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Who can save through Deposit Planet?

At the moment, only individuals can save with us.

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How does Deposit Planet make money?

Our main source of income is the difference between the term deposit interest we receive from the banks and the interest we offer our savers.

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What is the cost of using Deposit Planet?

Saving through us is free of charge

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How do I create an account?

To start using our service you need to download our app and pass our simple registration procedure. This should not take more than a couple of minutes.

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ID verification - what do I need?

We are an important link between you and your chosen bank. So, we need to assure them that we follow stringent banking regulations known as Know Your Customer (KYC).

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Security and risk
What risks are involved in term deposits?

Investing in a term deposit usually involves limited risk because deposit products are secured against the folding of a credit institution by national deposit guarantee schemes.

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Will my investment be at risk from currency fluctuations?

Definitely not. Our mission is to become an oasis for anyone who wants to receive predictable returns without unpredictable risk

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What is a national deposit guarantee scheme?

Deposit insurance is a measure implemented in many countries to protect bank depositors from losses caused by a bank's inability to pay its debts when due.

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Are all the banks secure?

We work with banks thich have a long history on the local market, employ a significant number of people, have a strong capital base and stable future prospects.

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What happens if a bank folds?

Learn how we try to avoid such events and how we help you if they do happen.

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What happens if Deposit Planet folds?

You are the legal owner of money invested in your term deposits, therefore in an unlike event Deposit Planet folding your money will be fully protected by banks keeping your deposits.

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What does the credit rating mean?

Learn how the information about credit rating can help you to decide where to securely placed your money.

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What are typical investment indicators?

Learn what are important investment indicators for banks and countries.

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Saving
What is a term deposit?

A term deposit is an investment bank product which allows a one-time investment of a fixed sum.

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In which currencies can I save in?

At present you can save in EUR, USD, GBP, PLN, CNH and JPY.

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What is the minimum deposit amount?

The minimum amount needed to open a term deposit with us is 10 EUR/USD/GBP/PLN.

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What happens when a term deposit matures?

When a term deposit matures, you can either withdraw your capital with the interest you have earned, or you can open new a term deposit with us.

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How is interest calculated and paid?

Interest on your term deposit is calculated daily and starts the first day after you confirm the opening of a new term deposit.

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How is interest income taxed?

The income earned at Deposit Planet is taxed for each saver based on the legislation of the respective country where the saver is a tax resident.

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Which laws govern my term deposit contract?

Term deposit contracts are governed by the local laws of the respective country in which the bank is based.

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Adding funds
How can I transfer funds to Deposit Planet?

You can transfer money to your Deposit Planet account by bank transfer (SEPA), by a debit or credit card or by using a money transfer service provider.

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How can I add a new bank account to my Deposit Planet account?

The most convenient and cost effective way to add a bank account to which you withdraw money from your Deposit Planet account is to transfer at least 1 euro cent from the new bank account to your Deposit Planet account.

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Can I make a bank transfer from an account that is not in my name?

Unfortunately, you can’t. Due to KYC/AML rules we can only accept bank transfers from an account that is in your name.

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Withdrawing
How can I withdraw money from my Deposit Planet account?

You can withdraw funds not currently invested in your bank or e-money account at any time.

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How long will I need to wait for my money?

One business day unless you close a term deposit before it matures.

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Will I be charged for a withdrawal?

We don’t charge any withdrawal fees.

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Can I close a term deposit before it matures?

Yes, you can. For your convenience, you can close your term deposits at any time.

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Can I change the bank account to which I withdraw money?

We can only transfer money to a bank account that belongs to you.

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