Since deposit interest rates reduced in early 2020, we have been working hard to find a multi-bank solution for schools to have the ability to deposit cash in a range of UK based banks without the need to spend hours completing application forms for each bank.
We also wanted a way for schools to be able to manage their deposits in one place showing all bank accounts held, the funds held, and the interest rates being paid.
In addition, it had to be secure, registered with the FCA (Financial Conduct Authority) and extremely simple to use, allowing schools to move money between these accounts and withdraw directly to their school current account.
We are delighted that we now have a solution that offers:
• A range of deposit accounts from over 30 UK Banks that are members of the FSCS (Financial Services Compensation Scheme).
• A single and simple (remote) account opening process that covers them all.
• The ability for you to see and manage all your deposit accounts in one place on-line.
Below is an example of how a school or charity with £2,500,000 available to deposit can benefit from both increased interest rates and a significantly greater spread of risk across multiple banks that are members of the FSCS.
Account opening is extremely straight forward. Following a single application form, the account is opened during a video call. This process covers all the banks available, removing the need for you to spend hours opening accounts individually.
In this example, after the platform fee, the school will increase its forecasted annual interest by nearly 12x whilst spreading the bank counterparty risk across a greater number of banks.
If you would like a demonstration and a bespoke illustration for your School, Academy or Charity, please let me know.
All clients will receive complementary support to help you maximise the benefits to your school.
Please note, there is a minimum deposit level of £50,000. There is no maximum.
Example rates are correct as of 22nd June 2021
ianbuss@educationbanking.co.uk
07796 940193