thewealthnet

Octopus cash solution reaches £200 million in deposits

News Team, 30/08/2019

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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