Octopus Investments’ cash management solution, Octopus Cash, has reached the £200 million milestone, with more than 550 advisers registered and using the platform.
This comes just seven months after it reached £100 million, with deposits growing 11 percent each month.
Octopus Cash offers fixed-term deposits of between 35 days and two years, with FSCS coverage of up to £510,000, for a 1-year fixed term deposit as of 20 August 2019.
The platform does this by splitting customer deposits between its different partner banks, which offer the standard £85,000 of FSCS coverage for each customer per bank.
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