A growing list of providers are now offering a service where you can now register and set up a Cash Management Bank Account Platform and then open multiple Bank Accounts inside it with just one account and login. This removes the need to wonder the high street or online and open individual bank accounts with separate anti-money laundering identity requirements and application forms.
When reviewing cash management platforms, we found some that offer bank accounts from up to 48 banks different banks including ‘Start Up’ banks, Challenger banks, Geographical banks, UK arms of International banks, High Street brand banks and building societies. One log in and access to nearly 50 banks and numerous accounts from each bank or building society. These can be:
Each individual bank account has the full £85,000 Financial Services Compensation Scheme protection and some offer joint account protection up to £170,000. This again protects you if you have a large amount of cash and need to spread it around different banks and building societies to stay within compensation limits.
Cash management platforms are usually subject to a minimum amount to be deposited e.g., £50,000. There may be a set up fee and a charge starting at say 0.25% of the deposit value pa. For example, if the headline interest rate on an account is 4.65% pa, and the charge is 0.25% pa, this is then netted down to 4.40% pa interest but with the convenience that all your accounts are inside one platform i.e., in one place.