We open an account for you, as your bare trustee, at the Bank of London, which in turn deposits your funds liquid and unencumbered at the Bank of England.
We don't operate with the high costs of running a bank. Our role as trustee allows us to pass on much more of the base rate.
The interest on our accounts is set by the Bank of England, whereas ns&i can only pay what the Government permits.
We keep 10% of the interest you earn.
Your funds are held at the Bank of England, through our tech partners the Bank of London.
Yes. We'll provide you with frequent statements and updates on the interest you have earned on your account.
Your interest accrues daily and is paid monthly. On fixed-term 12-month accounts, your interest is returned with your principal sum.
For notice accounts, we will return your funds as soon as the notice expires. For fixed-term accounts, we will contact you in advance to seek your instructions.
The Bank of England will pay less interest to the Bank of London, who will pass on less to you. An drop in the base rate will automatically lead to an decrease in your returns.
Cash Deposit Manager funds are protected with layers of trust, segregation, safeguarding and even supported up to the FSCS limit in addition.