Octopus Cash adds two new banks to provide greater FSCS coverage for customers
- Investec and Arbuthnot Latham join platform to take FSCS coverage up to £765,000
Octopus Investments, part of Octopus Group, today announced that its cash management solution, Octopus Cash, has welcomed two new banks, Investec and Arbuthnot Latham, to its platform. This takes the total number of banks on the platform up to ten, offering a diverse range of providers and an improved level of FSCS coverage.
The news comes just two months after Octopus Cash announced it had reached the £200 million milestone in cash deposited. This figure now sits at more than £225 million with more than 600 advisers registered and using the platform.
Launched in 2017, Octopus Cash allows individuals, businesses, charities and trusts to find a top tier return on their cash savings without the need for regular switching. It offers fixed-term deposits of between 35 days and 24 months and now FSCS coverage of up to £765,000 – or £1,530,000 for married couples.
Octopus Cash does this by placing customer deposits across multiple banks to get greater FSCS cover. At the end of the term, customers can withdraw, save more or roll over at the tick of a box. With a minimum deposit of £1,000, many financial advisers and clients have found Cash a simple way to earn more while keeping their money safer.
Charlie Taylor, Head of Octopus Cash, comments:
“Low rates at high street banks leave people’s savings falling in value compared to inflation rates, and managing cash manually remains a laborious process. It’s become a bigger issue in the current climate of political and economic uncertainty. That’s why Octopus Cash has become popular with savers and financial advisers. Higher rates, more protection and less effort mean a better deal for everyone.
“Octopus Cash is a simple, time-saving solution to manage money and it’s been built particularly with financial advisers in mind. With two new banks on board, the total FSCS coverage that we offer now sits at £765,000, which particularly benefits those with larger deposits, looking to improve the returns on their savings.”
David Hunt, Head of Specialist Cash Products at Investec, added:
“As part of our continued growth within the platform and retail savings market, Investec Bank is excited to launch our proposition as part of the Octopus Cash Platform. With a large and loyal user base of financial advisers and individual savers drawn to the platform’s ease of use, we hope to further help savers achieve their savings goals as part of their long-term investment strategy.
“Investec Bank is an established financial institution with a proud heritage and an A1 credit rating – we anticipate our offering of competitively priced fixed-term deposits and notice accounts will prove popular with the clients of Octopus Cash.”
Notes to editors:
1 As at 18th October 2019.
For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation. Octopus Cash is provided by Octopus Co-Lend Limited, which is authorised and regulated by the Financial Conduct Authority (722801). Registered office is 33 Holborn, London EC1N 2HT. Octopus Cash is managed on a day to day basis by Octopus Institutional Deposits Limited. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 10163532. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 3942880. Issued October 2019.