- How does Trezeo work and do I keep my bank account?
- How safe is my money?
- How much does it cost?
- How do you calculate my weekly pay cheque?
- Why do I need to login to my Bank account?
- What if my income changes?
- What happens if I want to stop using Trezeo?
- How is managing my money with Trezeo different from my existing bank or savings account?
- Do I get any interest on savings?
- Who are PayrNet?
- Who are TrueLayer?
1. How does Trezeo work and do I keep my bank account?
Once you enable Trezeo, your income is paid into your Trezeo account, where we hold back money for your regular income and savings. Your regular income goes straight into your bank account as normal. When you need them, your savings get paid into your bank account too.
2. How safe is my money?
Your money is held in a special e-money account (so your money never gets lent out, like with a normal bank account). It is held in your name by our partner, an FCA authorised financial institution, and your funds are held at a UK Bank. It remains yours at all times, Trezeo just moves money for you when you need us to.
3. How much does it cost?
Trezeo charges a small fee of 1% of the income paid into your Trezeo account. You don’t pay any interest or other charges for using your credit limit.
For example, if you earn £500 in a week, it will cost £5. If you take a week off, you pay nothing for that week.
4. How do you calculate my weekly pay cheque?
When you sign-up, we look at your bank account to calculate your average income. You decide how much of your average income you need every week to live and pay your regular bills and how much you want to save.
5. Why do I need to login to my bank account?
You need to login to your bank account to give Trezeo once off permission to download data from your account. We need this data so we can:
- Calculate your income to setup your pay cheque; and
- Secure your income by making sure it can only be paid to your bank account.
Rest assured, your bank account and data is secure. The process is managed by TrueLayer who are authorised by the FCA to access bank account data and Trezeo doesn't see your bank login or have access to your bank account once you complete the signup process.
5. What if my income changes?
If your income changes you can let us know through the app and adjust your regular income payment to match. We will also let you know if we think your income is going off track so you can get back on track or adjust your regular payment.
6. What happens if I want to stop using Trezeo?
We’ll be very sad to see you go! Leaving Trezeo is simple, just change your income payment back to your normal bank account. Then tell us and we’ll pay any money you’ve saved back there too.
7. How is managing my money with Trezeo different from my existing bank or savings account?
Trezeo makes it easy for you to get a consistent weekly income payment and save by keeping you motivated to not to spend money that you will need for a quiet week, holiday or future bill.
- Your money is kept safe in your Trezeo account, separate from your normal bank account, so you're less tempted to dip into it.
- Trezeo charges a predictable subscription fee that you only pay when you’re earning and doesn’t charge you interest or hidden fees like your bank would on on your overdraft, credit card or other loans.
- With Trezeo you don’t have to worry about when you earn your income so you can work smarter - work more when the work is there rather than working long hours when business is quiet.
8. Do I get any interest on savings?
Your money is held in a non-interest bearing account and isn’t lent out, so neither Trezeo, nor your account gets any interest. We believe we can help you manage your money for the things you need to pay for, rather than getting interest on savings you don’t have.
9. Who are PayrNet?
The Trezeo account is issued by PayrNet Limited. PayrNet Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (registration number 900036) for the issuing of electronic money.
10. Who are TrueLayer?
TrueLayer enable us to securely download transactions from your bank account. TrueLayer is authorised as an Account Information Service Provider and Payment Initiation Service Provider by the Financial Conduct Authority in the UK (registration number 793171).