Summary box

1 year fixed term

Account name Cambridge & Counties Bank OakNorth Bank Aldermore Metro Bank

What is the interest rate?

1.000% AER 1.670% AER 1.300% AER 1.000% AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.

Interest is calculated daily from the date at which your money’s deposited and will be paid at the end of the account term.

Can the banks change the interest rate?

Neither Octopus nor the partner banks will change the interest rate during the account term.

One month before the end of the term, we’ll get in touch to see if you’d like to continue for another year at a new savings rate, or if you’d like to withdraw.

If we don’t hear from you, your money will go back into a segregated HSBC trust account while we try and confirm with you what you’d like to do.

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,010

£1,017

£1,013

£1,010

How do I open and manage my account?

You can open a savings account online at www.octopuscash.com. Rather than having multiple accounts and log-in details with each bank, you’ll have just one single point of contact – us – and one account to manage.

The minimum you can save with Octopus Cash is £1,000. There’s no max, but be aware that only £85,000 held with each bank will be eligible for protection by the Financial Services Compensation Scheme (FSCS).

You’re welcome to save more than that if you like – you’ll just need to confirm that you’re happy that it won’t all be covered. Anything saved over the £340,000 limit will be spread evenly across those banks which are willing to take over £85,000 per customer.

If you’ve got any questions, comments or feedback we’d love to hear from you. You can give us a call on 0800 294 6848; send us an email at support@octopuscash.com; or write to us at 33 Holborn, London EC1N 2HT.

Can I withdraw money?

You will not be able to withdraw your money until the end of the term.

Towards the end of your account term you will have the option to select another account term via our platform or to withdraw your money. If we do not hear from you before the end of the term we will hold your funds in our trust account at HSBC.

35 Day notice account

Account name OakNorth Bank Metro Bank

What is the interest rate?

0.850% AER 0.500% AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.

Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. If a withdrawal request has been made, interest will be calculated on the total amount until, but not including, the day of the withdrawal.

Can the banks change the interest rate?

Yes. Interest rates are variable and can be increased or reduced at any time at our sole discretion as outlined our Terms and Conditions.

If we increase your interest rate, we will notify you within 30 calendar days of the increase and apply the change immediately. If we decrease your interest rate, we will notify you at least 2 months before applying the decrease.

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,008

£1,005

This is only an example for illustrative purposes and do not take into account your individual circumstances.

These examples assume that; no further deposits or withdrawals are made, that any interest earned stays in the account, and that there is no change to the interest rate.

How do I open and manage my account?

You can open a savings account online at www.octopuscash.com. Rather than having multiple accounts and log-in details with each bank, you’ll have just one single point of contact – us – and one account to manage.

The minimum you can save with Octopus Cash is £1,000. There’s no max, but be aware that only £85,000 held with each bank will be eligible for protection by the Financial Services Compensation Scheme (FSCS).

You’re welcome to save more than that if you like – you’ll just need to confirm that you’re happy that it won’t all be covered. Anything saved over the £170,000 limit will be spread evenly across those banks which are willing to take over £85,000 per customer.

There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance by our partner banks even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.

If you’ve got any questions, comments or feedback we’d love to hear from you. You can give us a call on 0800 294 6848; send us an email at support@octopuscash.com; or write to us at 33 Holborn, London EC1N 2HT.

Can I withdraw money?

Yes, but subject to giving us 35 days notice as per the type of account opened. There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1,000 unless the account balance is lower, in which case you can only withdraw the whole balance.

If after withdrawing funds where the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed.