Octopus Cash FAQ
1. What has happened?
On 8th September 2020 we took the decision to permanently stop all new deposits into Octopus Cash. The decision was a direct result of interest rates falling to their lowest level in history. As a result, the platform was no longer the best long-term option for our customers to manage their cash savings. Since that time, we have returned over £250m of deposits.
On 31st May 2022 the Octopus Cash platform will be switched off.
2. Why have we made this decision?
Over the past few months, we have been monitoring usage of our platform and the number of advisers and investors logging in each month is usually zero. We have also found that investors and advisers tend to email to obtain information or ask questions, rather than use the platform.
It is for this reason that the Octopus Cash platform no longer serves its intended purpose and we can serve investors just as effectively without it.
3. How can I keep track of my savings?
We have informed all remaining investors and their adviser of the details of their fixed term deposits and when they are maturing. For any further information, please contact us at [email protected].
4. How does this affect FSCS protection?
There is no change to FSCS protection. Your deposit is still covered by the FSCS, up to the value of £85,000 per person per financial institution.
5. Does this affect my interest rate?
No, interest rates on existing fixed term deposits are fixed and will not fluctuate. There are currently no notice account deposits remaining in Octopus Cash.
6. 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 (dated within the last 3 months) showing your name, address and bank details.
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.
7. How can I get a tax statement?
If you need a tax statement for any specific tax year, please contact us at [email protected].
8. Can fixed term deposits by withdrawn early?
Fixed term deposits can only be withdrawn at the end of their term, at which point the money will be paid into your originating bank account.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.
9. How do I make a complaint?
If you have a complaint, then you can contact us by:
- Phone on 0800 294 6848
- Post at Octopus Investments, 33 Holborn, London, EC1N 2HT
- Email at [email protected]
If we are not able to resolve the complaint to your satisfaction, you have rights to refer the complaint to the Financial Ombudsman Service. Further details are available from the Financial Ombudsman Service, at www.financialombudsman.org.uk. You may request a copy of our complaints-handling procedure at any time.