Last updated: October 14, 2016

These Terms and Conditions (“Terms“) apply to your use of:

  • the website and all content, data and services made available via this website (“Site”),
  • the mobile application known as ‘Folio’, any updates or supplements to it and all content, data and services made available via this mobile application (“App”),

(together, the “Platform“) operated by Folio SMS Limited, a company registered in England and Wales with registration number 09788490 (“us“, “we“, or “our“). Our registered office is 41 Corsham Street, London, N1 6DR, United Kingdom.

Your access to and use of the Platform is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all visitors, users and others who access or use the Platform and incorporate our
Privacy Policy.

By accessing or using the Platform you agree to be bound by these Terms. If you disagree with any part of the Terms then you may not access or use the Platform.


The following definitions shall apply in these Terms and all documents referred to in it:

Folio Wallet” is a digital object associated with a specific user in which Saved Funds are stored. Folio Wallets are attached to a bank account held in the name of Mango Pay by its preferred financial institution;

Saved Funds” means money which is withdrawn from Your Bank Account and paid into your Folio Wallet, in accordance with your instructions;

Saving Goals” means a project, the purpose of which is to save money and in connection with which you give instructions for the withdrawal of Saved Funds of a specified amount from Your Bank Account at a specified frequency to a Folio Wallet. A Saving Goal may relate to personal saving or a group saving with other users of the App; and

Your Bank Account” is the account which is held in your name by a financial institution, and which is connected to the debit bank card you provide details to us of via the App.


To be eligible to access and use the Platform, you must be at least 18 years old, and a resident of a country where Folio is available. See our FAQ section for more information.


In order to use our App, you will need to create a user account and provide us with your debit bank card information. From time to time, you may also be required to provide us with documents in order to verify your identify, including if you are saving over £1,000 in your Folio Wallet via the App. You hereby agree to provide such information and warrant that you will only provide us with information that is relevant, accurate and complete, and ensure that it is current at all times. Failure to do so constitutes a breach of the Terms, which may result in immediate termination of your user account.

You are responsible for safeguarding the password that you use to access the Platform and for any activities or actions under your password, whether your password is with our Platform or a third-party service.

You agree not to disclose your password to any third party. You must notify us immediately upon becoming aware of any breach of security or unauthorized use of your user account.

Access to our Platform

We do not guarantee that our Platform, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our Platform for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.

Use of our Platform

In return for your agreeing to comply with these Terms, you may download a copy of the App onto your device and view, use and display the Platform on devices for your personal purposes only.

From time to time we may automatically update the App to improve performance, introduce new features or services, enhance functionality, reflect changes to the operating system or address security issues. Alternatively, we may ask you to update the App for these reasons. If you choose not to install such updates or if you opt out of automatic updates you may not be able to continue using the App. These Terms will apply to such updates, new services, features or functionality, unless they come with separate or additional terms, in which case you will be required to agree to such separate or additional terms before being permitted to use the update, new services, features or functionality.

You acknowledge that the App provides you with the means to set aside and save money in a separate account. You retain absolute control of Your Bank Account and your Folio Wallet, including how much Saved Funds are withdrawn using our service and when, and how your Saved Funds are used at all times. As such, provided we have acted in accordance with your instructions, we cannot be held responsible for any failure to reach your Saving Goals or your use and the balance of Your Bank Account or your Folio Wallet.

To the extent the Platform contains any content relating to the saving of money, including product recommendations based on your Saving Goals, you acknowledge that such content is provided for general information only. This content is not intended to amount to financial, legal, tax or other advice, or an endorsement or recommendation of third party products and services, on which you should rely. You must use your own judgment and/ or obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our Platform.

The App has not been developed to meet your individual requirements. Please check that the facilities and functions of the App (as described on the app store site) meet your requirements.

Although we make reasonable efforts to update the information provided by the Platform, we make no representations, warranties or guarantees, whether express or implied, that such information is accurate, complete or up to date.

Handling of money

Folio does not transact, take or keep any money from you directly. Transactions of Saved Funds arranged by you using the App are powered by Mango Pay, our payment processor. Mango Pay will process all transactions in accordance with its Terms and Conditions, which you hereby agree to.

You further agree that the processing of transactions arranged by you using the App is subject to the following:

  • The bank card details you provide to us when you set up a user account must be a debit card and must have been issued by a financial institution in your country of residence. We are currently unable to support credit cards;
  • From time to time, we may impose maximum Saving Fund limits, and we reserve the right to refuse to transfer (without liability) Saved Funds into your Folio Wallet in excess of this maximum limit and/or to refuse to permit the creation of Saving Goals which would result in this maximum limit being exceeded. Information about these limits can be found here;
  • Transfers of Saved Funds into and out of Your Bank Account will be made in accordance with Mango Pay’s processing schedule. In most cases, this will occur on the day you have instructed the transfer to occur, with the exception of Saturdays, Sundays and bank holidays in London in which case the transfer will occur on the following working day. New instructions to transfer Saved Funds into or out of Your Bank Account which are received by us towards the end of a working day, may not be processed until the following working day;
  • You will not be permitted to withdraw any Saved Funds held in a Folio Wallet where the cumulated cash-out amount per year would exceed £1,000 until you have provided us with documents that allow us to verify your identify and these have been approved by Mango Pay;
  • Edits to the amount of money you wish to save and/or the frequency of which you wish such money to be withdrawn from Your Bank Account shall take effect as of the day you make such edit on the App and shall apply to future transfers only;
  • Transfers of Saved Funds out of Your Bank Account will take place subject to the arrangements and limitations you have agreed with the financial institution that holds Your Bank Account. As such, if you do not have sufficient funds in Your Bank Account to permit the scheduled transfer, Mango Pay will only transfer the Saved Funds out of Your Bank Account if you have an overdraft facility arrangement in place. It is your responsibility to ensure that you have sufficient funds in Your Bank Account on the date of the scheduled transfer, and we accept no liability in the event you fail to do so; and
  • You agree that you will not receive interest or other earnings on Saved Funds. You irrevocably transfer to us any and all rights that you may have to any interest that may accrue on Saved Funds held in your Folio Wallet. For the avoidance of doubt, this transfer applies only to interest earned on the Saved Funds held in your Folio Wallet, and nothing in these Terms grants us any rights to the principal of the Saved Funds held in your Folio Wallet.

You hereby give Mango Pay permission to transfer Saved Funds from Your Bank Account into a Folio Wallet and pay out Saved Funds from a Folio Wallet into Your Bank Account, solely in accordance with these Terms, the terms and conditions of Mango Pay and the limits and other instructions you have specified on the App. We shall procure that Mango Pay shall act only within the limits of this permission.

Intellectual Property

The Platform is and will remain the exclusive property of Folio SMS Limited or its licensors. The Platform is protected by copyright, trade mark, and other laws of both the United Kingdom and foreign countries. Our trade marks may not be used in connection with any product or service without the prior written consent of Folio SMS Limited.

Use Restrictions

You agree that you will:

  • not rent, lease, sub-license, loan, provide, or otherwise make available, the App in any form, in whole or in part to any person without prior written consent from us;
  • not copy the App except as part of the normal use of the App or where it is necessary for the purpose of back-up or operational security;
  • not translate, merge, adapt, vary, alter or modify, the whole or any part of the Platform nor permit the Platform or any part of them to be combined with, or become incorporated in, any other programs, except as necessary to use the Platform on devices as permitted in these terms;
  • not disassemble, de-compile, reverse engineer or create derivative works based on the whole or any part of the App nor attempt to do any such things, except to the extent that (by virtue of sections 50B and 296A of the Copyright, Designs and Patents Act 1988) such actions cannot be prohibited because they are necessary to decompile the App to obtain the information necessary to create an independent program that can be operated with the App or with another program (Permitted Objective), and provided that the information obtained by you during such activities:
    • is not disclosed or communicated without the Licensor’s prior written consent to any third party to whom it is not necessary to disclose or communicate it in order to achieve the Permitted Objective; and
    • is not used to create any software that is substantially similar in its expression to the App;
    • is kept secure; and
    • is used only for the Permitted Objective;

Acceptable Use Standards

You must:

  • not use the Platform in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, such as viruses, or harmful data, into the Platform or any operating system;
  • not infringe our intellectual property rights or those of any third party in relation to your use of the Platform, including by the submission of any material;
  • not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the Platform;
  • not use the Platform in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users; or
  • not collect or harvest any information or data from any Platform or our systems or attempt to decipher any transmissions to or from the servers running any Platform.

Links To Other Web Sites

Our Platform may contain links to third-party web sites or services that are not owned or controlled by Folio SMS Limited. Folio SMS Limited has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party web sites or services.

You further acknowledge and agree that Folio SMS Limited shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with your use of or reliance on any such content, goods or services available on or through any such web sites or services.

We strongly advise you to read the terms and conditions and privacy policies of any third-party web sites or services that you visit.


We may terminate or suspend your user account immediately by contacting you if you have broken these Terms in a serious way. If you wish to terminate your user account, you must delete it by following the prompts in the App.

Upon termination, subject to your right to withdraw Saved Funds (discussed below), your right to use the Platform will immediately cease and you must delete the App from all devices in your possession.

It is your responsibility to ensure that you have paid out all Saved Funds from your Folio Wallet into Your Bank Account before terminating your user account, and after we have initiated termination of your user account. Mango Pay shall continue to hold Saved Funds on your behalf until they have been paid out of your Folio Wallet and prevent you from terminating your user account whilst Saved Funds remain in your Folio Wallet. However, we assume no responsibility to arrange for your Saved Funds to be paid into Your Bank Account or to further notify you of the fact that Saved Funds remain in your Folio Wallet after we have initiated termination.

Our responsibility for loss or damage suffered by you

If we fail to comply with these Terms, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking these Terms or our failing to use reasonable care and skill. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time you accepted these Terms, both we and you knew it might happen.

Some specific examples of our liability to you are set out below:

  • The Platform is made available to you for your domestic and private use only. As such, if you use the App for any commercial, business or resale purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
  • If defective digital content that we have supplied damages a device or digital content belonging to you, we will either repair the damage or pay you compensation. However, we will not be liable for damage that you could have avoided by following our advice to apply an update offered to you free of charge or for damage that was caused by you failing to correctly follow installation instructions or to have in place the minimum system requirements advised by us.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors or for fraud or fraudulent misrepresentation.

Which laws apply to this contract and where you may bring legal proceedings

These Terms shall be governed and construed in accordance with the laws of England and Wales, and you can bring legal proceedings in the English courts. If you live in Scotland you can bring legal proceedings in respect of the products in either the Scottish or the English courts. If you live in Northern Ireland you can bring legal proceedings in respect of the products in either the Northern Irish or the English courts.

Transfer of rights

We may transfer our rights and obligations under these Terms to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under these Terms.

You may only transfer your rights or your obligations under these Terms to another person if we agree in writing.

Delay enforcing these Terms

Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these Terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date.

If a court finds part of this contract illegal, the rest will continue in force

If any provision of these Terms is held to be invalid or unenforceable by a court, the remaining provisions of these Terms will remain in effect.


We reserve the right, at our sole discretion, to modify or replace these Terms at any time. If appropriate (for example, the revision reduces your rights or increases your obligations) we will try to provide at least 15 days’ notice prior to any new Terms taking effect.

By continuing to access or use our Platform after those revisions become effective, you agree to be bound by the revised Terms. If you do not agree to the new Terms, you must stop using the service.

Alternative Dispute Resolution

Alternative dispute resolution is a process where an independent body considers the facts of a dispute and seeks to resolve it, without you having to go to court. If you are not happy with how we have handled any complaint, you may submit the dispute for online resolution to the European Commission Online Dispute Resolution platform.

Contact Us

If you have any questions about these Terms, please contact us at hello@folioapp.