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Savings Platforms
There are now a number of options for cash-rich but time-poor savers who want to earn more interest on their savings than their high street bank will offer, but without the hassle.
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Find the best Cash Savings Platforms
Cash Savings Platforms are challenging the traditional savings market by offering a simpler way to save. With just one login, you can move money between accounts from those available, without having to fill in reams of paperwork every time. And for larger balances, they help make it easier to keep your money protected by the Financial Services Compensation Scheme (FSCS) limits.
Here we tell you more about the providers available, what they offer and which Cash Savings Platform might be best for you.
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Raisin UK
Welcome bonus of up to £50 - can boost rates to market-leading levels
At the moment, Raisin UK has partnerships with a small number of banks, offering several fixed term deposit accounts. But they will continue to increase the number of products available.
An additional benefit with Raisin, apart from some competitive rates, is the bonus available for new savers. This can provide a boost to the rates available.
Top savings products
Availabilty: Individuals only
Platform minimum: £1,000 | Account maximum: £85,000 | Partner Banks: 16
0.35% AER | Teachers Building Society | 90 Day Notice Account
1.20% AER | QIB UK| 1 year Fixed Term Deposit
0.90% AER | QIB UK| 9 month Fixed Term Deposit
1.25% AER | QIB UK| 1.5 years Fixed Term Deposit
1.40% AER | QIB UK | 2 years Fixed Term Deposit
Compare Cash Savings Platforms
We’ve looked at a handful of the most popular Cash Savings Platforms on the market - but with more coming to the market, we’ll continue to research and review all of the providers available.
Flagstone
Currently has the highest number of partner banks
The Flagstone cash platform is the pick and mix variety - offering a range of savings accounts, which you can pick and choose from.
The minimum deposit is currently £250,000.
Products currently available on the Flagstone platform
Availability: Businesses, charities & individuals
Platform minimum: £250,000 | Partner banks: 45
1.11% AER | 12 month Fixed Term Deposit
1.35% AER | 24 month Fixed Term Deposit
1.00% AER | 95 day Notice Account
1.40% AER | 36 month Fixed Term Deposit
1.50% AER | 60 month Fixed Term Deposit
Octopus Cash
Splits your cash for you
Rather than offering a range of individual accounts from different banks to pick and choose from, Octopus Cash automatically splits your cash (if the deposit is greater than £85,000) between its partner providers.
The return depends on which account types you choose, using the highest paying accounts first.
Products currently available with Octopus Cash
Availability: Businesses, charities & individuals
Platform minimum: £1,000 | Partner banks: 11
0.88% AER | 12 month Fixed Term Bond
0.60% AER | 95 day Notice Account
Rates are based on £200,000 invested in each account type. All rates are calculated based on the amount invested.
Choose the right Savings Platform for you
There are now a number of ways for cash-rich but time-poor savers to earn more interest on their savings than their high street bank will offer, but without the hassle. The evolution of Cash Savings Platforms is exciting and hopefully as they continue to develop, this will reduce the inertia that savers suffer from, as they make it easier for people to switch.
Active Savings by HL
Regularly offers best buy rates
Hargreaves Lansdown has one of the UK's largest investment platforms for private investors, so are no stranger to platforms - although Active Savings is their first cash-only platform.
Active Savings offers a range of products, mostly fixed term bonds, but most recently has added an easy access account to its mix. These products are available from a limited, but growing, list of providers. They regularly have best buy rates to choose from, so are well worth considering.
Products currently available with Active Savings
Availability: Individuals only
Platform minimum: £1,000 | Partner banks: 10
0.50% AER | Charter Savings Bank | Easy Access
1.05% AER | Charter Savings Bank | 1 Year Fixed Rate Bond
1.15% AER | BLME | 18 Month Fixed Term Account
1.16% AER | Charter Savings Bank | 2 Year Fixed Rate Bond
1.10% AER | Close Brothers | 3 Year Fixed Rate Bond
Your free, expert guide to Cash Savings Platforms
In our guide, we have reviewed the most popular Cash Savings Platforms in more detail and highlighted who these individual platforms might be more suitable for.
DCMe (Dynamic Cash Management express)
A platform built around regular reviews of your savings
Dynamic Cash Management express (DCMe) service produces an initial portfolio of the best accounts from the selection available, to suit your needs, along with producing a regular review to suggest better accounts if they are available.
Think of it like a supermarket which offers a variety of savings accounts to choose from, but with a personal shopper to guide you to the products which match your needs.
Products currently available with DCMe
Availability: Individuals only
Platform minimum: £50,000 | Partner banks: 6
1.17% AER | 24 month Fixed Term
1.17% AER | 12 month Fixed Term
1.07% AER | 6 month Fixed Term
Akoni
A platform just for businesses
Akoni is a cash management platform for corporates and SMEs – a platform that provides a simple and complete solution to actively manage cash with strong governance and improved returns.
Top savings products
Availabilty: Businesses only - corporate and SMEs
Platform minimum: £1,000 but best value on £100,000 plus | Partner Banks: 7
0.90% AER | Metro Bank | Term Deposit - 12 months
0.96% AER | Hodge Bank | Term Deposit - 36 months
0.95% AER | Hodge Bank | Term Deposit - 24 months
1.05% AER | Hodge Bank | Term Deposit - 60 months
Last updated: 18 August 2020