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Account name Cambridge & Counties Bank OakNorth Bank Close Brothers Aldermore

What is the interest rate?

1.00% AER 1.62% AER 1.05% AER 1.30% 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

£1,016

£1,010

£1,013

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 £255,000 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.