Octopus Cash is a one-year fixed-term savings account with a difference...
We work with smaller banks that offer some of the best savings rates around.
Say goodbye to switching. Get set up in seconds and start beating the high street.*
We spread your money across several banks to give you even greater FSCS protection.
We’ll spread your money across our partner banks to give you a better rate, while making sure your cash is protected by the FSCS.
You can currently deposit up to £255,000 and still enjoy complete FSCS cover. You can even save more, it just won’t be all covered. Here is how it works:
- Saving less than £85,000? We'll deposit it all with the bank paying the best rate
- More than £85,000? We deposit it in chunks of £85,000 from highest to lowest rate
- More than £255,000? They can still save above their FSCS limit if they choose
- And the admin? Forget talking to lots of different banks – one account with us is all you need
- FSCS covered? You bet – provided your clients aren't saving with our partners already
- For how long? We’re currently offering a one-year fixed account
- What happens after a year? Continue with the best new rate or withdraw
Octopus is an investment company with a difference. We want to change the world of finance for the better, with easy-to-use products and services that help people to manage their money.
Our products don’t just aim to help real people solve real financial problems. They also aim to make a positive impact on the world around us.
Today, Octopus comprises Octopus Investments, Octopus Property, Octopus Energy, Octopus Ventures, Octopus Healthcare and Octopus Labs.
- £6 billion of assets under management
- Over 50,000 investors
- 500 employees
Three different banks, one thing in common. Like us, our launch partners create straightforward, rewarding products that put the customer first.
What happens when a Cambridge University college and a local pension fund join forces? You get Cambridge & Counties bank: a unique partnership between Trinity Hall, Cambridge and Cambridgeshire Local Government Pension Fund. Specialists in supporting the growth of small and medium size SMEs, Cambridge & Counties has received recognition for their savings accounts, including awards from MoneyFacts and Savings Champion.
Established in 1878, Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. Its retail savings business, Close Brothers Savings, specialises in providing customers with simple and easy to use deposit products that offer consistently competitive interest rates.
OakNorth is the bank for entrepreneurs, by entrepreneurs. Created by entrepreneurs who were frustrated with how the large high street banks treated small and mid-sized companies, OakNorth creates bespoke loans for each borrower based on their specific needs, and completes the loans in days or weeks, rather than the months it takes at larger institutions. OakNorth has raised over £220m of deposits and was named the top challenger bank in the UK by IBS Intelligence in December 2016.
“Hot on the heels of announcements that several banks are closing dozens of branches across the country, a service is to be launched to help savers to switch accounts.”
“Octopus Investments has launched a savings account with a rate that is almost double that offered by Britain’s largest banks.”
*High street’ defined as the ‘Big Five’ banks: RBS (including NatWest); Santander; Barclays; HSBC (including First Direct) and Lloyds. 0.55 per cent is the averaged out one-year savings rate paid by these banks in January 2017.