- Octopus Cash now has over £125 million assets under management
- Shawbrook Bank and Teachers Building Society join platform, taking total banking partners up to seven
- Launch of ‘Octopus Cash Hub’ for advisers
Octopus Investments today announced that its cash management solution, Octopus Cash, has surged past the £100 million milestone in cash deposited. The figure has now reached over £125 million.
The total assets deposited with Octopus Cash are growing at more than 15% month on month, with 450 advisers already registered to the platform.
This news comes as Shawbrook Bank and Teachers Building society become the latest Octopus Cash partners, joining Metro Bank, Bank and Clients, Cambridge & Counties, OakNorth and Aldermore.
Increasing the number of banking partners means clients can enjoy even greater coverage from the Financial Services Compensation Scheme (FSCS), without having to open multiple savings accounts.
Octopus Cash allows individuals, businesses, charities and trusts to find a better return on their cash savings without the need for regular switching. It offers fixed-term deposits of between 35 days and 24 months, with rates of up to 2.16%.
Paul Went, Managing Director, Consumer, Shawbrook, said:
“We are thrilled to be further growing the Shawbrook Savings proposition by launching today with Octopus Cash. On a milestone day for our new partner, we are able to broaden the current suite of cash saving products available to both individual and business customers on the platform. Along with competitive rates, a single account opening journey and on-going self-serve capability, we are delighted to be able to extend the FSCS coverage for Octopus Cash clients.”
Bev Jesse, Business Development Manager at Teachers Building Society, said:
“We are delighted to partner with Octopus to offer their customers a wider range of savings options. We are always looking to provide the best rates possible in this difficult savings market, and look forward to helping customers of Octopus make the most of their money.”
Sam Handfield-Jones, Head of Octopus Cash, comments:
“For many people, cash offers the ultimate security, yet the vast majority of high street banks continue to offer paltry rates on people’s hard-earned savings. By using Octopus Cash, advisers can provide a hassle-free solution by actively managing their clients’ cash as part of the advice process. These clients might be individuals, but increasingly we’re seeing growth from limited companies, trusts, or attorneys, where options are somewhat limited. Awareness continues to grow and, in the current political and economic climate, it’s no surprise that we are seeing so much interest in smart cash management solutions.”
Launch of the Octopus Cash Hub
To better serve financial advisers, Octopus is also announcing the launch of its ‘Cash Hub’, which will act as an easy to use platform facilitating access to key client information and a smooth onboarding process.
Key features of Cash Hub include the ability to:
- View all clients’ account information
- Create, view and download client illustrations in one place
- Receive updates on imminent rate changes and refresh illustrations and see the new rates
- Convert illustrations to applications and complete onboarding for individuals (including power of attorney)
- View clients’ real-time application status
- Allow others to join the Hub to reduce admin
Sam Handfield Jones, added:
“We are really excited about this new development. We want to make it as easy as possible for advisers to manage their clients’ cash, and our new Cash Hub is another big step towards that goal.”
-Ends-
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 February 2019.