Education
Banking
Consultancy

1) Why do most banks pay a much higher interest rate on the platform compared to going directly to them?

• Many existing bank customers do not shop around for rates and so banks do not always need to be particularly competitive for advertised rates.

• Deposit platforms are a way of attracting new customers with large deposit balances, therefore, rates tend to have to be competitive on the deposit platforms.

• Deposit platforms offer a significantly reduced 'cost to acquire' for banks. i.e., they do not need to advertise or pay their staff to do business development to attract new customers.

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2) What happens to our money if Insignis went bankrupt?

You remain the beneficial owner of your money whether it is in the Hub or any of the Bank deposit accounts (either directly in your name or as a client account (much like a Solicitors client account)). This ensures that if Insignis stopped trading, the funds would be yours and the liquidator would return them to you and could not use them as Insignis assets.

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3) How do Insignis collect and calculate their fee?

The fee structure for Insignis is HERE.

When you make a deposit into your hub, Insignis calculate what the fee would be for 1 year and place this into a separate 'fee account' (this account is still yours but ensures Insignis can collect the fee as needed).

Each month, Insignis calculate the fee owed by working out your platform balance on a daily basis. and they debit this from your 'fee account"

If you'd like to know the formula they use it is (This example assumes an annual fee of 0.15%): 

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X = Total portfolio value – fee account on that day. (This can be found in your portfolio summary at any point)

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X * 0.15% = Y

Y/365 = Z

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Z is the fee for that day. This calculation is made each day for the month to allow for changing balances. 

To get the monthly fee to be debited, you just add each day’s Z figure together for the month (be it 28/29/30 or 31 days). 

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If you have too much money in your 'fee account' at any point, you can ask Insignis to move it back to your hub so you can deposit or withdraw it.

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3) How does ‘Education Banking Consultancy’ get paid?

Insignis shares a portion of their annual fee with us ensuring that we can support you without charge. Your Insignis fee will be identical whether we support you or if you go directly to them.

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4) What is the minimum deposit I can start with on the Insignis platform?

There is a minimum initial deposit of £250,000 with Insignis.

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5) We need a new or updated Deposit Investment Policy - can you help?

Absolutely, we have several draft policies you are welcome to use or adapt - please ask us for a copy.

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6) We would like help from someone with significant deposit experience in the Education sector. is this available?

Of course. We support all of our MATs, SATs and Independent schools with their deposit strategies and with using the Insignis platform without charge.

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