Akoni's savings platforms can be used by financial advisors, charities and non-profits, businesses and individuals. There are 25 providers to choose from, including 13 hub and panel banks. These accounts include instant-access savings, and day notice accounts, one-year fixed-term savings accounts and longer-term fixed-term accounts.
You must also be able to afford the minimum initial deposit, which varies depending on the account. If you've opted for a fixed-term account, once it reaches maturity the money will be transferred to the Akoni Hub account held with Barclays. From here, it can be transferred back to your bank account, or to a different savings account.
Octopus Cash has now permanently stopped taking new deposits. It says this decision is due to the Bank of England base rate being so low, which has made the fee it charges for cash too high for the rate of return on cash savings. Existing customers with fixed-term products will continue to earn interest with Octopus Cash, which will transfer your savings into your nominated bank account when it reaches the end of its term.
The points below show some of the pros and cons of using a savings platform. You should take time to weigh these up before making a decision on where to save your cash. The main attraction that savings platforms have to offer is the convenience - you should save time by only having to register your details once, and having the feature of being reminded when your fixed-term bond is coming to an end.
On some occasions, you'll also be able to access exclusive savings products with rates that are more competitive than others on the market - but at the moment this is a rarity. As many savings platforms charge providers for the service of featuring their accounts, and signing savers up to them, the money the bank has to pay is often reflected in a slightly reduced AER.
The minimum deposit should also be a consideration. Lastly, the issue of whether your cash is covered by the FSCS is arguably the most important. All providers we've featured have plans in place to make sure your money is protected - but read further down the page for more details on this.
As you will have applied for and opened an account via the savings platform, the platform itself tends to be the port of call if you're unhappy with your account. Each platform will have its own internal complaints procedure. If you can't reach a resolution you're happy with, you may be able to take your complaint to the Financial Ombudsman Service FOS.
You can get in touch by phone, online or by post and your complaint will be reviewed. If your savings provider goes bust, you may be covered for compensation by the FSCS - we explain more about that below. But when you save via a savings platform, things can get a little more tricky. However, if the savings platform itself fails - as opposed to a bank or building society - the FSCS says they generally won't be able to compensate, as the service provided by the savings platform is not a regulated activity.
For this reason, it's important to check whether the savings provider will hold your cash, and whether it's covered by the FSCS if anything should go wrong. All of the providers mentioned in this guide have confirmed that money is always held in accounts covered by the FSCS or an EU equivalent - that's whether it's held in a savings account or a 'hub account' provided by a UK bank on behalf of the savings platform.
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