Terms and Conditions of Use for Savings functionality

IMPORTANT INFORMATION: These terms and conditions (“Terms”) govern the use of the Savings functionality (as defined below), which are provided by Larstal Limited, a United Kingdom company with registered office at C/O Kirk Rice Llp Victoria House, 178- 180 Fleet Road, Fleet, England, GU51 4DA (“Astropay”, “we”, “,us” or “our”) to any person located in the United Kingdom whose application we approve (“you” or “your”).

These Terms form a binding contract and apply only to your use of the Savings Functionality in our Wallet (“Savings”). 

These Terms complement the separate set of terms and conditions that you as a user of savings need to agree with our savings partners Bondsmith Savings Ltd (“Bondsmith”) and Bondsmith Savings Nominees Ltd (“BSNL”) attached hereto as Schedule 1. 

These Terms are also complementary to the Terms and Conditions (the “General Terms”) accepted by you for the usage of your Astropay Account. In case of any inconsistency or discrepancy between these Terms and the General Terms, these Terms shall prevail.

1. Definitions.

Access Information” means your username, password, challenge questions, and any other security or access information required to access or use your Card or Astropay Account.

Applicable Law” means any law, rule or regulation of a federal, state, municipal of foreign or local government, or any rule or regulation of any clearing house or network involved in the transaction, which apply to the product and services provided to you under these Terms.

we” or “Astropay” means Larstal Limited, and its successors, assigns and affiliates.

Astropay Account” means the digital wallet account you have opened with Astropay and through which you access funds for use in the Savings Functionality.

“Business Day” means a day (other than a Saturday or Sunday or a Bank Holiday in England and Wales) on which banks are open for business in London.

“Savings Functionality” means the AstroPay functionality that allow you to earn interest on your money. 

“Trustee” means Bondsmith Savings Ltd (“Bondsmith”) and Bondsmith Savings Nominees Ltd (“BSNL”).

You” and “your” mean the person in the UK who has enabled the Savings functionality as provided for in these Terms.

2. Savings.

2.1 In order to use the Saving Functionality, you will need first to accept these Terms.

2.2 Once these Terms are accepted, and in order to start earning interests on your balance, you will need to enable the Savings Functionality by activating the “Invest my balance” button in your AstroPay app and move the balance or part of it to the Savings investment tab. This is different to your normal AstroPay Account (which is an e-money account instead of a deposit, where your money is held by us instead of by a trustee or bank and does not earn interest).

2.3 When you accept to put money in the Savings Functionality, the funds are sent to the Trustee, who deposits it with in a bank on your behalf. You begin to earn interest on your balance when it arrives with the bank. This can take up to two Business Days after it is sent. You will begin earning interest no later than the first business day following the day when your money arrives with the bank. This means that if you send money to Savings Functionality on Monday, but the bank doesn’t receive the money until Wednesday, you’ll start accruing interest no later than Thursday. It also means that if you send the money on a day the bank is closed, it may not receive your money until the next day on which it is open.

2.4 The Trustee will hold your money in their “hub account” opened in the bank identified in the Trustee Terms, after we send it to them. The bank will hold your money as a deposit. Just like other deposits with banks, the money in your Savings may be protected by the Financial Services Compensation Scheme (or FSCS). If You meet the eligibility criteria, then if bank was to fail you are guaranteed by the FSCS to receive back any eligible deposits you have made with the particular bank up to a certain amount. If this were to happen, the trustee would be responsible for administering your claim in conjunction with the rules of the FSCS. The limits for FSCS compensation may change from time to time. You should always check www.fscs.org.uk for the current limits. Your normal balance in the AstroPay Account are not covered by the FSCS, but are “safeguarded”. This means that whenever money is removed from your Savings, it stops being protected by the FSCS, but is safeguarded instead.

2.5 You will see the interest rate you will receive in the AstroPay app. Up to date interest rates are always shown in the Savings Functionality. The interest rates for new deposits may change since these are typically decided on by the bank where the deposits are held with.

2.6 The interest rate you receive will always be as stated in your AstroPay Account and Savings Functionality, with no hidden fees or deductions. Just so you know, this rate may be higher or lower than the rate of interest paid by the bank on the segregated trust account. This is because the bank may require or allow us to pay a higher or lower interest rate to customers than is paid on the segregated trust account.

2.7 When you take money out of the Savings Functionality, we’ll get it back to you as soon as we can. We aim to return some or all of it instantly where possible, and otherwise the next business day after we receive it back from the bank.

2.8 Your ability to use or access the Savings Functionality may occasionally be interrupted, for example if we or the trustee need to carry out maintenance on our systems.

3. Limits

3.1. Some interest rates may only be available for a limited time, or for a limited total value across individual or all AstroPay users. These limits are typically decided on by the banks the deposits are held with, but there may be reasons for us to apply them too.

3.2. Your AstroPay Account is always subject to transaction limits. You can find more information about these transaction limitations on the website or mobile app, or by contacting support at support@Astropay.com. We reserve the right to increase or decrease your limit at any time or add additional limitations to your use of the AstroPay Account in our sole discretion without notice to you except as required by law, for security, risk or other reasons.

3.3 In providing Savings Vaults to you, neither we nor the Trustee are: (i) advising You on whether cash is a suitable investment to meet your needs; (ii) advising you on which banks are appropriate for your cash deposits; (iii) advising you on the impact that any deposits will have on your tax position; or (iv) undertaking that you will receive a guaranteed rate of return on your deposits.

4. Source of Funds

4.1 In order to start using the Savings Functionality we will need you to provide documentation establishing the legitimate source of funds for the funds to be deposited in the Savings Functionality.  

4.2 In compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, it is essential to ensure transparency and legitimacy of funds involved in financial transactions. As such, we reserve the right to not to enable the Savings Functionality if you do not provide the requested documents. 

4.3 We understand that some of the requested documents may contain sensitive or confidential information. Rest assured that we will treat all submitted documents with the utmost confidentiality and handle them in accordance with applicable data protection and privacy laws. 

4.4 You acknowledge and agree that this information may be shared with the Trustee. 

5. Account Security

5.1. You should not share your AstroPay Account details with anyone. Do not send your AstroPay Account details in an email or text message. Make sure your AstroPay Account details are secured with encryption when you use your  AstroPay Account to perform transactions over the Internet or wireless networks.

5.2. You are responsible for maintaining adequate security and control of your AstroPay Account, or any other details that you use to access your AstroPay Account. If you know or suspect that your AstroPay Account otherwise compromised, please let AstroPay know immediately by contacting the Support Team. Any undue delay may result in you being liable for any losses where your failure to notify us is intentional or grossly negligent. If you suspect that your AstroPay Account is being used by someone else you should also contact the police and report the incident.

6. Account Balances

6.1. You are responsible for keeping track of your AstroPay Account available balance. It is important to know the amount of available funds in your AstroPay Account before performing a transaction. If you do not have sufficient available funds in your AstroPay Account the Savings Functionality will not be activated or nor interests will be generated. 

6.2 Adjustments may be made to your AstroPay Account to reverse an error, reflect a merchant adjustment, or resolve a dispute regarding a transaction posted to your AstroPay Account. AstroPay shall be entitled to reverse the incorrect credit or debit at any time whatsoever without your consent. You shall be liable and responsible to AstroPay and agree to accept and abide AstroPay’s instructions in respect of reversing any unfair gain made by you as a result of the same. You shall be informed of such reversal by AstroPay.

7. Suspension and Termination

7.1. You can end these Terms of agreement at any time by letting us know through the AstroPay app or AstroPay site, by writing to us at our office, or by emailing us at support@Astropay.com.

7.2 In the event we or the Trustee decide to stop providing you with the Savings Functionality we will try to give you two months’ notice. However, we may end these Terms may immediately if any of the following apply: (i) we suspect that you are behaving fraudulently; (ii) you haven’t given us information we need, or we believe that information you have provided is incorrect; (iii)  you’ve broken these Terms regularly or in a serious way, and you haven’t put the matter right within a reasonable time of us asking you to; (iv) you’ve been declared bankrupt (or the equivalent); (v) we have good reason to believe that your use of the Savings Functionality could damage our reputation or business, or badly affect us or any of our services; or (vi)  we have to do so by law.

7.3 If we end this Agreement, we will close the Savings Functionality and return the balance back to your regular AstroPay Account. You will receive the same interest, and pay the same fees (if any apply), as if you had disabled the Savings Functionality at that time yourself.

7.4 If we decide to suspend your AstroPay Account, at any time for any reason (see General Terms) such suspension would terminate or suspend your ability to use your Savings Functionality.

8. Liability and Indemnity

8.1. If we fail to comply with these Terms, we shall be responsible for loss or damage you suffer that is a foreseeable result of our breach of these Terms or our negligence, but we shall not be responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if it is an obvious consequence of our breach or if it was contemplated by you and us when you activated your AstroPay Account and/or your Savings Functionality.

8.2. We shall not be liable if: (a) through no fault of ours, you do not have enough available funds in your AstroPay Account to perform the required transactions; (b) circumstances beyond our control (such as fire, flood, water damage, power failure, strike, labor dispute, computer breakdown, telephone line disruption, or natural disaster) prevent or delay the transfer despite reasonable precautions taken by us; (c) the system was not working properly and you knew about the problem when you initiated the transaction; (d) the funds in your AstroPay Account are subject to legal process or are otherwise not available for transactions; (e) any non-compliance or illegal behaviour of the Trustee, or (f) any other exception stated in these Terms.

8.3. Except as otherwise expressly provided in these Terms or as required by Applicable Law, neither AstroPay nor our respective affiliates, officers, directors, employees or agents, or other parties with whom AstroPay contract in order to offer the Savings Functionality, the AstroPay Account or related services, shall have any responsibility or liability for any indirect, incidental, consequential, special, exemplary or punitive damages, whether based on negligence, willful misconduct, tort, contract or any other theory of law, or for any damages for loss of data, loss of income, failure to realize expected revenues or savings, loss of profits or any other economic or pecuniary loss, in each case arising out of or relating in any way to the Savings Functionality.

8.4.  At our request, you agree to defend, indemnify, and hold harmless us and our parents, subsidiaries, and other affiliated companies, and our and their employees, contractors, officers, and directors against any and all claims, suits, damages, costs, lawsuits, fines, penalties, liabilities, and expenses (including, without limitation, reasonable attorneys’ fees) that arise from your violation of these Terms, Applicable Law, or any third-party rights or your fraud or willful misconduct. We reserve the right to assume the exclusive defense and control of any matter subject to indemnification by you, in which event you will cooperate in asserting any available defenses.

8.5. This Clause shall survive cancellation of these Terms.

9. Severability

9.1 If a court finds any provision of these Terms invalid or unenforceable such finding shall not make the rest of these Terms invalid or unenforceable. To the fullest extent possible, any such provision shall be deemed to be modified so as to be rendered enforceable or valid; however, if such provision cannot be so modified, it shall be stricken and all other provisions of these Terms in all other respects shall remain valid and enforceable.

10 . Amendment and Cancellation

10.1. We may amend or change the terms and conditions of these Terms at any time by providing you with two (2) months prior written notice and subject to Applicable Law. You will be notified of any change in the manner required by Applicable Law and by posting an updated version of these Terms in the website and/or mobile app. If the change is made for security purposes or if advanced notification is not required by Applicable Law, we may implement such change without prior notice. You may end these Terms and cancel these Terms at any time by logging into your AstroPay Account or by contacting the Support Team.

10.2. Your cancellation of these Terms will not affect any of our rights or your obligations arising under these Terms prior to termination.

10.3. Upon termination of these Terms for any reason, we may continue to process your personal data in accordance with the terms of our Privacy Policy and Cookie Notice, as applicable, in accordance with data protection legislation.

10.4. The Terms in effect as of the date of the termination will survive and continue to apply to any aspects of your use of the website or mobile app prior to termination, including your Account information, or your available balance.

11. Miscellaneous

11.1. We may at any time transfer all or any of our rights and obligations under these Terms to any third party (including by way of merger, consolidation or the acquisition of all or substantially all of our business and assets relating to these Terms), but this will not affect your rights or our obligations under these Terms.

11.2. You may not assign or transfer your obligations under these Terms. We do not waive our rights by delaying or failing to exercise them, in whole or in part, at any time. Notwithstanding the foregoing, these Terms shall be binding on you, your authorized users, your heirs, your executors, administrators, guardians, personal representatives, or trustee in bankruptcy.

11.3. Nothing in these Terms is intended to, or shall be construed so as to, establish or imply any partnership or joint venture or a relationship of principal and agent between You and us or constitute either of you or us as the agent of the other party, or authorize you or us to make or enter into any commitments for or on behalf of the other party.

11.4. Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

11.5. If we fail to insist that you perform any of your obligations under these Terms, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations. If we waive a default by you, we will only do so in writing, and that will not mean that we will automatically waive any later default by you.

11.6. These Terms are provided to you in the English language. Where we have provided a translation of these Terms to you, you agree that such translation is provided for your convenience only and that the English language version of these Terms will govern your relationship with us. If there is any contradiction between the English language version of these Terms and any translation, the English language version takes precedence.

11.7 We shall not have any liability under, or be deemed to be in breach of, these Terms for any delays or failures in performance of any of our obligations under these Terms that result from a force majeure event.

12.  Governing Law and Jurisdiction

12.1. These Terms and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

12.2. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with these Terms or its subject matter or formation (including non-contractual disputes or claims). If you are a resident of Northern Ireland or Scotland, you may also bring proceedings in Northern Ireland or Scotland respectively.

13. Complaints handling

13.1. If you wish to make a complaint or a question about the Savings Functionality, You can email us at support@astropay.com or through our live chat at (https://astropay.kb.help/), with brief details of your complaint and the phone number and email address associated with your AstroPay Account or request our complaint form and send to our service email address on the form.

14. Notices

14.1.  You accept and agree that we may serve notices to you in writing to the email address and/or mobile number linked to your AstroPay Account. You may amend the same from time to time.

14.2. You agree that we may provide you with notices and other disclosures in connection with your AstroPay Account and Savings Functionality by email or by posting notices on the website or mobile app.