Octopus has taken the decision to permanently stop all new deposits into Octopus Cash. The final deposits were made on September 2nd, 2020.
Since launching in 2017, Cash has helped thousands of people earn more from their savings and has been recognised for its award-winning customer service.
However, UK interest fell this year to the lowest level in their history (the current Bank of England rate is 0.10%). One impact of this is that the fee we charge for Cash has grown to a much higher share of the return offered by banks. In our view, this fee is now too high for the rate of return on cash savings.
That’s why we’ve made this decision, but we’ll continue to provide the exact same level of support to customers whose money is still with us.
If you’re an existing customer
If your money is in a fixed term deposit, you do not need to do anything. We will manage the account until the deposit reaches maturity, and then will transfer your savings to your nominated bank account.
If your money is in a notice account, you can give notice to withdraw these at any time and we will pay the money to your nominated bank account. Given Octopus Cash will no longer be accepting deposits, there will be no further interest rate increases on notice accounts.
If you’ve recently made an application
If you have made an application that has not yet been deposited, funds you have sent to us will be returned to you. We will contact you personally to talk this through with you, but as always you can contact us at [email protected] with any questions.
If you have any questions, please see our FAQs here.