Frequently asked questions

Here you can find answers to some of the most frequently asked questions about our service.

Offspring is the trading name of C. Saver Ltd (registration number 10861048) which is a limited company based at 2nd Floor, 167-169 Great Portland St, London, W1W 5PF United Kingdom.

Offspring allows you to set savings goals and invite your friends and family to make contributions, so that you can successfully reach that goal together. 

The goal might be a birthday gift or for special events like a school trip, attending university, weddings, honeymoon, putting a deposit on a first flat or anything where your family and friends might get involved. 

You can link the goal to an existing current or savings accounts and share the goal with your family and friends. 

Offspring uses proven and secure payments technology to ensure that money arrives in your chosen accounts safely and securely. 

Offspring is not a bank and does not hold your money. We provide a unique way of joining you, together with your friends and your family, to save as a group. 

We call it Social Saving. 

Anyone can open an Offspring Profile.

To receive contributions to goals they will need to link it to a bank or building society account with a UK regulated financial institution. 

Sign up to create a profile. Its free, and easy to do. 

Once you have created a profile you can set your goal(s), link a bank or building society account and invite family and friends to contribute.  Just make sure that that name on the Offspring profile matches the name on the bank or building society account.

Simple! 

Choose the amount you want to contribute. 

Click on that contribute button. You will be given the option to choose to make a payment from your preferred internet banking or mobile banking app via our payments partner Banked.com 

Of course, you will need to be set up to use your internet or mobile banking app (if you have not already done so). 

Simple! 

Offspring uses payment technology that allows transfers between bank accounts. These payments are quick, and the goals get credited within hours.  

Depending on the type of bank account, goal owners can access your money immediately. 

With debit cards payments, it can take days to reach your account. 

Also, the cost of debit card payments is high. We would like the beneficiary to enjoy your gift, not have high fees reduce it! 

Offspring can support most types of accounts that fit the following conditions: 

  • The account must be held with a UK bank, building society or other regulated financial services firm 
  • The account must be held in the beneficiary’s name (e.g. the name of a child).  It is important that the name used when setting up the Offspring profile matches the name on the bank or building society account. Otherwise payments into it might be rejected by their bank
  • The account must be able to receive electronic payments 
  • The account must be able to receive payments from people other than the beneficiary or account owner 
  • The account must be a cash-based product. Currently, Offspring does not support investment accounts (“stocks and shares”) but plans to do so in future 

Offspring can be used to achieve your financial goals which are linked to current accounts and cash-based savings accounts, including ISA’s, Junior ISA’s, LISA’s, Child Trust Funds.  

In the case of ISA’s, of any type, you must confirm with your bank or building society whether they have the capability to support 3rd party subscriptions before attaching an ISA to your Offspring profile. 

If they don’t support 3rd party payments into ISAs, consider linking your goal to a current account in the beneficiary’s name. Then ask the beneficiary to move the contributions they have received from the current account to the destination ISA account. 

Sometimes this does happen. Here are examples of situations that some contributors have encountered. Do any of these examples look familiar? 

  • They had not set up internet or mobile banking. Once they did, payments were a breeze! 
  • There was a problem with their internet connection. They were making a payment and for some reason their internet connection dropped. They immediately attempted another payment but the system looked like it was frozen. Sadly, we can’t influence your internet connection. However, we can tell you that if you refresh your internet browser, or close it down, and attempt the payment again your contribution will sail through.
  • Their bank had added extra security steps on new payments. When setting up a payment to a new recipient, their bank had added a couple of extra steps to verify the payment. As a result, they had to leave the contribution process on Offspring and Banked to complete verification. In this situation, we suggest you complete the verification process with your bank and then start the contribution process again on Offspring. Your contribution will reach the goal quickly!
  • Their bank said that the invite link from Offspring looked suspicious and didn’t let them complete the payment. We work with Banked.com who are regulated payments provider and operate with bank level security. So you can rest assured on that count. Sometimes, when banks and building societies make changes to their IT systems and payments processes, they forget to tell organisations like Offspring and Banked that they have made a change which may impact our users. That’s annoying and frustrating! The good news is that if you tell us when you are facing this problem, we can raise it directly with the banks or building societies and get them to fix the issue. We have good relationships with them and they will fix issues for us on an urgent basis. So, if you have such a problem let us know via our web chat or support@offspring.co 

    We realise these situations are annoying especially when all you want to do is make your contribution quickly. If these suggestions don’t work please contact us via our webchat (you’ll see it on your screen) or at support@offspring.co and we’ll find a way to fix the issue. 

    Yes.  

    And the clever thing is so will the person who has received a contribution. 

    And the even more clever thing is that the record of the contribution can be used to keep track of your gifts for Inheritance Tax reporting. 

    Currently we only support UK based accounts and contributions from UK based banks 

    No.  

    You can setup as many goals as you want. Just remember every goal must be attached to a bank or building society account.

    You have willingly contributed to a goal via the invitation you received. If you have changed your mind, and want the money back, you will have to contact the person to whose goal you contributed.  

    Offspring, or our payments partner Banked, can’t and don’t get involved in such discussions. 

    We depend on Offspring’s community of users to alert us to any such suspicions. 

    If you suspect fraudulent activity or a campaign to extort money, we encourage you to report this to your local law enforcement authoritiesIf appropriate, we will be able to support you in reporting such activity to the appropriate law enforcement authorities.  

    No. Initially we will only be able to track contributions. We hope to be able to display account balances as we develop our App. 

    Offspring, the trading name for C. Saver Limited (registration number 10861048), allows you to link bank or building society accounts that are already regulated by the Financial Conduct Authority (FCA); and protected by the Financial Services Compensation Scheme (FSCS) as per their rules. 

    C. Saver Limited partners with Banked, payments provider authorised by the FCA.

    C. Saver Limited in its current form is not regulated by the FCA.

    As the capability of the App and the services it provides expands, we will look to secure the appropriate authorisations to support additional products e.g. stocks and shares ISA’s – both Junior and Adult.

    C. Saver Limited is registered with the Information Commissioner’s Office (ICO ref ZA481181) and is the Data Controller.

    BANKED LTD, is a company registered in England and Wales with registration number 11047186. Their registered office is at 1st Floor, 58-60 Berners Street, London, United Kingdom, W1T 3NQ. 

    Banked is a Payment Initiation Service Provider (PISP) authorised by the Financial Conduct Authority (FCA) to provide payment initiation services. Banked’s reference number with the FCA is 816944. 

    As a PISP, Banked can enable users to make Payments through an instruction to the user’s bank. 

    Offspring provides services to help families and friends to collectively save for shared savings goals. We are not a bank and do not manage deposits or savings accounts. 

    We work with Banked, our Payments Partner, to facilitate transactions to accounts that are operated by third party financial services companies authorised by the Financial Conduct Authority. 

    Contributors to goals on Offspring need to agree to Banked’s terms of use so that they can facilitate transactions. 

    From 16 September 2020, we will no longer support the iOS and Android Apps, so please delete it from your device and stop any direct debits that you may have in place linked to C. Saver Limited/Mangopay 

    Any goals and bank accounts stored on the old app will not be transferred. 

    You will be able to sign in to the new version of Offspring via www.offspring.co using your sign in details for the old app. 

    If you go to your settings page within Offspring, you will find the option to delete your Offspring account and goals.  Of course, we hope you never have to do that! 

    If you cannot find your answer in this list of Frequently Asked Questions, or if you are having technical issues, you can contact us via the webchat on our site or by emailing us at support@offspring.co