Frequently asked questions
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What is Roundups?
The Roundups app is a new way to donate to charities, schools and other good causes. It allows you to automatically donate pennies as you spend.
Roundups rounds up all of your card payments to a whole number and donates the pennies to a good cause that you choose.
You can choose to round up your card payments to the nearest 10p, 50p or £1.00.
We also report back on how your donations are being spent so that you can track just how amazing the impact of your pennies are!
How does Roundups work?
Roundups works by linking to your bank account or credit card, reading what you’ve spent and debiting penny donations accordingly.
Which transactions are rounded up?
We round up most of your outgoing payments.
Payments we round up include:
- Point of sale card payments e.g. Contactless or Chip & Pin payments in a shop
- Online card payments e.g. online shopping
We do not currently round up things like:
- Bill payments e.g. direct debits and standing orders (Although, it is possible! Should we include bill payments? - let us know)
- Bank transfers to anyone
If you have a query about a particular transaction, please contact us with as much detail about the transaction as possible.
When and how are Roundups donations calculated and debited?
Roundups donations are usually calculated and debited as soon as we receive the transaction data from your bank. This is usually within a few hours of the payment being made, but it can vary.
Here are some examples of Roundups calculations
If you set your Roundups to 10p, your Roundups for a day might look like this:
- £5.00 spend = 0p donation (it’s already a whole 10p)
- £2.30 spend = 0p donation (it’s already a whole 10p)
- £10.96 spend = 4p donation
- £3.14 spend = 86p donation
If you set your Roundups to 50p, your Roundups for a day might look like this:
- £20.00 spend = 0p donation (it’s already a whole 50p)
- £3.50 spend = 0p donation (it’s already a whole 50p)
- £6.05 spend = 45p donation
- £18.71 spend = 29p donation
If you set your Roundups to £1.00, your Roundups for a day might look like this:
- £7.00 spend = 0p donation (it's already a whole £1.00)
- £10.99 spend = 1p donation
- £2.50 spend = 50p donation
- £3.14 spend = 86p donation
Banks, cards and your data
How does Roundups link to my bank account or credit card?
With your permission, Roundups safely and securely links to your bank or credit card via Open Banking APIs. We answer in more detail below, or read up more at the home of Open Banking.
What banking data does Roundups receive?
With your permission the Roundups app can access the same information that you would see on your online bank statement, such as transaction dates, transaction amounts, account balance, account number and sort code.
Roundups will ignore most account details and only ever use your transaction data to calculate how much to round up for your given project you wish to support.
What is Open Banking?
Short Answer: Open Banking is a series of laws which allows you to share financial data with authorised third-party services, like Roundups, in a safe and secure way. The laws were passed to stimulate competition and innovation in financial services and provide people with better products to manage their money.
Long Answer: Open Banking refers to a series of laws passed by the European Union. They are known as ‘The Second Payment Services Directive (PSD2)’ and mean that all UK-regulated banks must allow you to share financial data (basically your bank, credit card or savings statements) with authorised third party services providers, like Roundups.
The idea is to bring more competition and innovation to financial services, which will lead to better products to help you manage your money.
It’s important to note that you must give permission for your bank to share this data. Effectively you have to say “Hi bank, please let this service see my financial data”.
Roundups can access this information in a READ-ONLY format. This means that our app can only view the transaction data. It cannot move money or make any other actions on your account through Open Banking.
Do you share my data with third parties?
As standard, we only share your contact data with the Good Cause that you choose to support so that we can report back on how your donations are being used. You can opt out of this but we don’t recommend it. That’s it! Your data belongs to you and we do not share your data with any additional third parties without your willing, explicit consent.
What banks or credit cards are supported?
Roundups donations are available for all major banks and credit card issuers through our trusted Open Banking connection partner, Salt Edge. You can view the full list of supported financial institutions here. There are over 200 institutions available in the UK alone.
Can I link more than one account to Roundups?
Yes! You can add as many banks or credit cards as you like. Just go to My Profile inside the app to update your linked bank.
What is Salt Edge?
Salt Edge is an industry-leading financial technology company that facilitates the connection between your bank or credit card and our app, via Open Banking. This connection is necessary for us to calculate your Roundups. Salt Edge are authorised by the Financial Conduct Authority (#822499) and you can read more about our relationship in our terms and conditions.
Why do I need to link a payment card as well as my bank or credit card?
We link to your bank account via Open Banking, in order to read your spending data and calculate your Roundups. This connection doesn’t allow us to actually initiate payments.
You are required to link a payment card so that we can initiate the payment of your donations.
Why is there a 5% transaction cost? Where does it go?
The standard 5% transaction cost covers things like payment processing fees, technology infrastructure (like website hosting) and advertising which grows our member base and, in turn, generates more funds for good causes.
Currently, the majority of this 5% is paid straight out to third parties as we try to grow our community.
What sort of organisation is Roundups?
Roundups Fundraising Services Ltd is a normal private company with shareholders.
However, we are also a genuine social enterprise / Tech for Good / Profit for Purpose organisation. This means that our social purpose is always the priority.
Don’t believe us? Read our Articles of Association on the Companies House website. In this legally binding document, we have committed to never prioritising shareholder interests over our social purpose.
Why are you not a charity?
Short Answer: We believe that the overall good we can do as a private company outweighs the overall good we could do as a charity.
Long Answer: When we originally started Roundups, we envisaged registering it as a charity.
We soon realised, however, that if Roundups was going to have the wonderful impact that we believe it can, then we need it to reach a very large number of people.
Bringing any movement to a large number of people requires a huge amount of work, effort and, fundamentally, money.
Being a private company allows us to raise finance from socially responsible investors which, in turn, will help the Roundups movement grow.
In short, we believe that being a private company allows us to have more impact, overall, than being a registered charity would.
What are your plans for Roundups? How do you intend to grow?
We talk a lot about our journey as a startup over in our blog. Check it out.