Summary
Sidekick’s Auto Deposit Rate Boost scheme allows customers with a Multi Shield Savings account to earn an additional 0.2% interest rate boost on their full balance (up to a maximum of £60,000) when they set up and maintain a qualifying auto deposit of £100 per month into their account. A qualifying auto deposit must be set up as a variable recurring payment (VRP) through the Sidekick app.
The 0.2% rate boost applies to your Multi Shield Savings balance up to a maximum of £60,000 for 12 months from the date you activate your auto deposit, as long as you maintain your auto deposit throughout that period. If you cancel your auto deposit, you will have a 7-day grace period to reinstate it. Your rate boost continues during the grace period. If you do not reinstate your auto deposit within the grace period, the rate boost ends and cannot be reclaimed.
Eligibility
This scheme is available to all Sidekick customers, whether new or existing. You must hold a Multi Shield Savings account to be eligible. There is no minimum opening balance requirement. You can only benefit from this scheme once per customer. If you cancel your auto deposit and do not reinstate it within the 7-day grace period, you are permanently disqualified from this scheme and cannot reclaim the rate boost or open a new account to qualify again.
To be eligible, you must set up your auto deposit as a variable recurring payment (VRP) from a bank account in your name, through the Sidekick app. VRP is not available with every bank. If your bank does not support VRP with Sidekick, you will not be eligible for this scheme. Auto deposits set up any other way, such as standing orders, manual transfers or recurring payments set up outside the Sidekick app, do not qualify.
What is a Variable Recurring Payment (VRP)?
A VRP is a secure Open Banking payment arrangement. You authorise Sidekick, through the app, to collect payments from your linked bank account within limits that you approve. You can view, manage or cancel your VRP at any time in the Sidekick app or through your bank.
How It Works
Set up an auto deposit for £100 per calendar month into your Multi Shield Savings account, using a VRP through the Sidekick app. From the date you activate your auto deposit, the 0.2% rate boost is applied to your Multi Shield Savings balance up to a maximum of £60,000. The rate boost lasts for 12 months from that date, as long as your auto deposit is maintained and £100 is deposited each calendar month. You do not need to maintain a minimum balance. The boost applies to whatever balance you hold at any time (up to the £60,000 cap), provided your auto deposit is maintained. The rate boost is applied to interest calculations daily and paid in accordance with your standard Multi Shield Savings terms.
Maintaining Your Rate Boost
To keep your 0.2% rate boost for the full 12 months, you must:
Keep your auto deposit active as a VRP through the Sidekick app and set to £100 per month
Ensure the auto deposit is successfully processed each calendar month
Deposits made by any method other than your VRP auto deposit (for example, a standing order or a manual transfer) will not count towards the £100 monthly auto deposit requirement.
If your auto deposit fails to process (for example, due to insufficient funds in your linked account), the boost will remain active. However, if your auto deposit fails to process twice or more within any 6-month rolling period, we may disqualify you from this scheme.
You may deposit additional funds to your account at any time beyond your auto deposit without affecting your eligibility.
Cancelling Your Auto Deposit
Cancelling your auto deposit includes cancelling or revoking your VRP through the Sidekick app or through your bank. If you cancel your auto deposit, you have a 7-day grace period from the date of cancellation to reinstate it. Your 0.2% rate boost continues to apply during the grace period.
If you reinstate your auto deposit as a VRP through the Sidekick app within the 7-day grace period, your rate boost continues without interruption for the rest of your 12-month period. If you do not reinstate within 7 days, the rate boost ends at the end of the grace period and you are disqualified from this scheme. You will keep any boosted interest earned up to that point, but you cannot requalify or reclaim the boost. If you deliberately cancel more than once, we may treat this as misuse of the scheme and disqualify you entirely.
Anti-Gaming and Misuse
One Sidekick account per customer. If we find multiple accounts held by the same person, that person will be disqualified from this scheme.
You must not have previously held an active Multi Shield Savings account with Sidekick, regardless of whether that account has since been closed.
You must not use this scheme in a manner intended to circumvent, exploit, or game the terms. This includes, but is not limited to:
Cancelling and restarting auto deposits to reset eligibility or extend the scheme’s application
Manipulating deposit patterns to avoid maintaining the auto deposit requirement
Using coordinated accounts, third-party arrangements, or any other method to obtain multiple rate boosts
Any attempt to duplicate, share, or misuse the scheme for purposes other than legitimate personal savings
We may withhold, withdraw, or correct the rate boost, including recovering any additional interest already paid, if we reasonably believe you’re not eligible, there’s been an error, or there’s fraud, gaming, or misuse involved. We reserve broad discretion to identify and disqualify accounts engaging in any conduct we reasonably believe is contrary to the spirit and intent of this scheme, even if such conduct is not explicitly described above.
Withdrawing or Changing This Promotion
We may withdraw or change this scheme at any time. Customers will receive notice of any changes. Rate boosts already paid will not be affected, but changes may apply to new or continuing enrollments.
Other Important Terms
Tax: the tax treatment of this reward depends on your individual circumstances. We make no representation as to its tax treatment, and you’re responsible for your own tax affairs. Seek specialist advice if you’re unsure.
Sidekick’s standard terms and conditions continue to apply in full and aren’t affected by this scheme.
We aren’t liable for delays, failures, or technical issues affecting this scheme, except where the law requires otherwise.
These terms are governed by the laws of England and Wales. If something goes wrong, we’ll try to resolve it directly - this doesn’t affect your right to complain through Sidekick’s complaints procedure, or to refer a complaint to the Financial Ombudsman Service.
Sidekick Money Ltd is a company registered in England and Wales (No. 13882980). Sidekick Money Ltd is authorised and regulated by the Financial Conduct Authority (FRN 984829). Our address is 6-7 St Cross Street, London, EC1N 8UB.