Octopus Cash FAQ
What is happening to Octopus Cash?
From 08 September 2020, Octopus Cash is no longer available for new deposits. This includes “roll-overs” from fixed term deposits as well as deposits from new applications. This is a permanent change and is not a temporary measure that will be reversed.
We will support existing customers until there are no remaining deposits. This means both customer support and online access to Octopus Cash will continue unaffected, although without the option of making further deposits.
Once there are no longer any deposits in Octopus Cash, the product will be unavailable to customers.
Why have we made this decision?
We launched Cash to address a customer need in a simple way, helping people earn more from their savings. That’s how Octopus always approaches things, with innovative solutions to our customers’ problems.
While innovation means offering customers something new, it also means recognising when you haven’t solved the problem in the right way and acting clearly, decisively and in customers’ best interests.
Cash has helped thousands of investors earn more from their savings. However, interest rates have fallen further this year and that’s meant our platform fee has grown as a share of the return to investors to a point that we believe doesn’t represent a reasonable financial proposition.
That’s why we’ve made this decision. We’ll continue to provide the exact same level of support to existing Cash customers for as long as their money is with us, because that’s the right thing to do.
How does this affect FSCS protection?
There is no change FSCS protection. Money in Octopus Cash will continue to be held in the same banks, and our decision to stop accepting new deposits does not change the terms and conditions of those existing deposits.
What about existing deposits?
We will continue to manage existing deposits until fixed term accounts come to maturity, or until we receive a notice account withdrawal request from you. In either case, we will return funds to customers’ nominated bank account.
How do I request a withdrawal from my notice account?
To give notice on your 35- or 95-day notice account, please contact your financial adviser or email us at [email protected]. Please ensure you email us from your registered email address with the amount you wish to withdraw.
If you are a direct customer, you can make a withdrawal request online.
- Log into your account at octopuscash.com
- Go to your Dashboard and select the ‘Manage’ button on your notice account
- Select ‘Manage’ again from the menu on the left
- On the right, select ‘Withdraw’ and enter the amount you would like to withdraw
- Check the bank details and click the blue ‘Confirm’ button
We will inform the bank(s) (on the same day for requests received before 3pm) and your notice period will begin. Once we have received your funds back from our partner banks, we’ll issue a bank transfer (by BACS) to the account you originally made payment from. These payments typically take 3-5 working days for the funds to clear.
What about money that has not been deposited? How long will I have to wait for it to be returned?
Any money that has been sent to Octopus Cash, which has not been deposited will be returned to the bank account it came from within 3-5 business days.
What if I have an application that is in progress?
As we are no longer accepting new deposits, your application will be suspended and there is no further action required.
Can fixed term deposits be withdrawn early?
Fixed term deposits can only be withdrawn at the end of their term, at which point the money will be paid into your originating bank account.
Any specific requests to withdraw early will ultimately be assessed by the partner bank with which the funds are deposited and will be assessed on a case-by-case basis by that bank. Savers may be required to provide ‘evidence requirements’ to show financial hardship in these circumstances.
I’ve changed my bank account, how do I let you know?
Please contact us at [email protected] and provide a copy of a recent bank statement.
In all other cases we work on a closed loop with our partner banks, meaning your money will be automatically paid back to the same account your deposit originated from.
Will the banks now contact me (or my client)?
No – accounts are with Octopus Cash, and your communications will remain solely with Octopus.
How do I make a complaint?
If you’re unhappy and would like to make a complaint, then do get in touch at s[email protected]
How can I keep track of my savings now you’re closed for business?
While Octopus Cash is no longer accepting deposits, its parent company – Octopus Investments – is a large, diversified fund manager and is unaffected by the changes to the product. We will maintain an online presence for Cash customers to manage accounts. We also continue to have a large customer team available at any point to provide support.
You can continue to log in to your account at any time to see how your savings are getting on. If you have a fixed term account the interest will not show on your account until maturity. If you have a notice account the interest will accrue daily and applied to the balance monthly.
What about my interest rate?
Interest rates on existing fixed term deposits are fixed and will not fluctuate. Our notice accounts have a variable rate and there will be no further increases in these rates from our partner banks.
Is Octopus Cash still making money?
We charge our partner banks a fee for providing deposits and we will continue to take this fee until there are no further deposits held with the banks. Octopus Cash is part of Octopus Investments and is a diversified fund management business. It doesn’t rely exclusively on fees from Octopus Cash to operate.
How to get in touch for more information?
If you have a query and you want to get in touch with us, the best way to do so is to email [email protected].
What does this mean for Octopus Group?
We believe it makes sense, for the benefit of all stakeholders, for businesses to be transparent about their financial position.
As such, we wanted to share information on our financial position, which demonstrates that Octopus remains in a very strong financial position.