FAQs

Collctiv is completely free to use 🎉

As there are costs to us involved in moving your money around and running the service, we cover these costs in the following ways:

• You can leave a tip when making a payment
• You can leave a tip when making a bank withdrawal
• If you buy a gift card, we make a small commission (you get 100% of the money!)
• If you have a pot that is inactive for over 12 months, and there are funds still in it, we charge a small fee of £5 a month

Do you guys make money off my money?

Nope! All of your funds are held in completely safeguarded accounts by our provider PayPoint Plc and as such do not bear interest at all. Your funds are exactly that: your funds

Explain the tips to me?

The option to ‘Support Collctiv’ when you make a payment into a friend’s pot is there to help cover the costs associated with processing that payment and running the service. Anyone making a payment is free to choose whether or not to make that tip. 100% of your payment makes it way to your friend’s pot whether or not you choose to tip 💃

There is also the option to tip when you come to make a withdrawal from the Collctiv app to your bank account. This tip comes off the amount you withdraw. Once again, this is a completely optional tip - we’re really appreciative if you do choose to leave us a tip! 🙏

What about the gift cards?

We have a wide range of amazing brands that you can choose to gift your collection via an e-gift card. So, for example, you may have collected £200 for Julie’s leaving gift and choose to send Julie a John Lewis gift card. You can simply add your £200 straight from your pot onto a John Lewis gift card and can even choose to email it to Julie at a set date in the future if you need to! We make a small commission from that card, directly from the brand - but that doesn’t come off the money you send to Julie, who receives the whole £200 🎁

Why do you have an inactivity fee?

As you can imagine, we have many costs associated with running the Collctiv service. Every time someone makes a payment into one of your pots, we get charged. To hold and process your funds (via our partners), we get charged. And then to run the business that makes it all possible, we have all the normal business-y costs. When your pots have funds sitting in them but are inactive, it costs us to keep them there. We have a £5 a month charge for any pot that is inactive for 12 months, but only when there are still funds in that pot.

What do you mean by ‘inactive’?

Inactive simply means a pot that has had no money come in or go out for 12 months or more. A pot can become active again at any time by doing any one of the following:

• Receive a payment
• Withdraw to your bank
• Add funds to a gift card
• Send funds to someone else

I’m a bit confused!

Yeeps, we don’t want that! 😬 Drop us a line at support@collctiv.com and we’ll get the kettle on and help explain it all thoroughly.