20 August 2017
Find out more

Octopus partners challenger banks for savings account pitch

03 February 2017  |  6326 views  |  0 Pound Coin Cash

Octopus Investments is teaming up with UK challenger banks on a tech-enabled one-year savings account that promises to double the returns offered by the high street big boys.

The product, developed by Octopus Labs, offers customers looking to deposit £50,000 or more into a one-year fixed term account a rate of one per cent - nearly twice the ‘high street’ average of 0.55%.

The company is working with a group of challenger banks - including Cambridge & Counties and OakNorth - to boost the amount savers can deposit.

The FSCS limit for deposits is £85,000 but by using technology to automatically spread money between up to three banks at the best possible rate, Octopus is offering savers the chance to throw in up to £255,000 with full cover.

Sam Handfield-Jones, Octopus Cash, says: "The UK’s savers have £145bn squirrelled away in fixed-term deposits. However, faced with the hassle of switching, fewer than one in ten of us choose to move it at the end of the term. But in today’s times of low interest rates and rising inflation, finding an easy way to get the best rate has never been more important.

"That’s why we created Octopus Cash: a simple, efficient and tech-enabled product that could let savers double their interest rate and triple their savings protection - with a third of the hassle. Saving just got a whole lot smarter."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Octopus Investments launches fintech accelerator and inhouse incubator

Octopus Investments launches fintech accelerator and inhouse incubator

22 August 2016  |  6495 views  |  0 comments | 9 tweets | 2 linkedin
OakNorth moves core banking backbone to Amazon Web Services cloud

OakNorth moves core banking backbone to Amazon Web Services cloud

26 May 2016  |  9145 views  |  0 comments | 9 tweets | 9 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9018 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7854 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7258 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6470 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6341 views comments | 11 tweets | 9 linkedin