Building on from the Algbra news today, I thought I’d start a thread for Shoal.
Shoal are fintech fixed term savings provider from Standard Chartered. Interest rates look good, and the deposits are used to finance sustainable projects managed by Standard Chartered. Shoal is also b-corp certified, which I think would make it the only savings account in the U.K.
The rates look decent. I love the initiative itself, too. So I’ve joined the waitlist and look forward to being able to use.
I’ve just come across your post. I’ve signed but but wondered if you’re in yet?
I joined the waitlist when I first heard about it four months ago and haven’t been invited yet. Haven’t even received any comms from them yet either.
There’s not much on their website about progress. Their Insta has been deleted and their last LinkedIn post was 10 months ago. Last tweet was in 2022.
I don’t think the Instagram account was ever up.
They have a Facebook page which shares the same username of join.shoal though, which is probably where that comes from.
Also nothing there since November 2022. But November 2022 is also the only time they’ve ever posted on socials and that was to announce their existence, so I wouldn’t read too much into that. It’s likely just social parking for once they’re up and running, which is what Chase did too.
It’s a Standard Chartered operation, so big international bank. Radio silence is to be expected until the doors open (or are very close to it) I imagine.
Not sounding good. Why would anyone put savings in an emoney account with no FSCS protection?
May change later, of course, but for now rather risky.
There is FSCS protection. They’re covered with Standard Chartered, the bank behind Shoal, who are a regulated bank, and who your money is deposited with.
It’s not dissimilar to Chip (although arguably better given the bank offering the protection is the entity behind the fintech, as opposed to outsourcing protection to a third party bank) and many folks are plenty happy enough to trust them.
I don’t think there is. If you read the small print it specifically says that Solaris will safeguard your money, that there is no FSCS protection, and that if something goes wrong then your money will be returned less an administration charge. In one place mentioned on this forum, that administration charge was something like 50%.
Which is why I likened it to Chip. There’s no FSCS protection on funds in transit between the savings account and your bank account, and the interest earned might not be protected either, depending on how it works, which we won’t know until it actually launches.
Quick edit to add, but I believe Algbra are replacing Solaris per the announcement that sparked this thread. The landing page and help articles just haven’t been updated to reflect that. The website has never been updated since 2022 besides the banner announcing the Albra partnership earlier this year.
Too many iffy bits at the moment. However, as you say, they’ll likely firm up on things nearer the time.
Didn’t realise it was out!
App link for anyone interested:
Got an invite a day or so ago via email.
Don’t even have my Algbra account anymore either.
Also think you may need an activation code.
Finally got an email inviting me to join!
Anyone know what the great rates are?
Nice. I might actually look at this over time. Still think they produce some of the nicest apps out there.
Still waiting to be verified.
Still waiting… this is crap. 
I got in pretty quick.
Maybe you’re on Algbra’s naughty list too?
