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Cash deposit account

Summary

The Cash deposit account pays 4.00% interest per annum (variable).

Your Cash deposit account is a separate cash pot within your Cushon GIA. You can organise your savings and investments across as many pots as you like within your Cushon GIA because they all sit in one account behind the scenes.

Your account is fully managed by Cushon and we will arrange for your money to be deposited into a Metro Bank client account.

You will not directly hold an account with Metro Bank and your funds are held in a pooled account held by Cushon.

You do not pay the normal Cushon platform charge on cash deposits held within your Cushon account.

Metro Bank PLC

By proceeding, you confirm that you have read and understood the Key Investor Information Documents (KIIDs)

I have also seen and read the information on costs and charges

If you reach your annual ISA allowance before the end of this tax year, contributions will automatically overflow into your General Investment Account.

Want to transfer an existing ISA instead? Use our simple transfer wizard

Key facts

What is the interest rate?

The interest rate is 4.00% Gross / AER (Variable). Interest is calculated daily and paid monthly. If you withdraw mid-month you will lose any interest that has not already been paid.

Can the interest rate change?

Metro Bank set the rate on the account held by Cushon and have the right to change the interest rate at their sole discretion.

If the interest rate is increased then this will normally happen immediately and you will be notified within 30 days. If the interest rate is to be reduced then you will be notified by email at least 30 days beforehand.

The current rate of interest is always visible within your Cushon account.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance would be £1,040 based on the interest rate of 4.00%.

There is no charge on cash pots with Cushon. For further understanding on charges for this investment please read the information on costs and charges

The minimum withdrawal amount is £1 and there are no limits on the number of withdrawals.

FSCS Protection

The Financial Services Compensation scheme (FSCS) protects your savings up to £85,000 per financial institute. If you already have funds deposited with Metro Bank, please be aware the maximum you are protected for is £85,000.

This limit applies based on the total deposits you have with Metro Bank and any other banks which share the same banking license.

Additional information

The tax treatment of your deposits will depend on your personal circumstances. Interest will be paid gross without tax deducted. You are responsible for paying any taxes due and for reporting any information related to the deposits in accordance with legal and tax requirements.

Performance projection

Everything online, safe and secure

With our easy to use online account you get everything in one place. No more lost paperwork. No more hassle.

From your account you can do all the standard things you'd expect to be able to do like:

  • View your balance and recent transactions
  • Pay money in, take money out and change direct debits
  • Update your address, bank and other details

But, because you're with Cushon, you'll also find thing you might not expect like:

  • Up-to-date projections of what your savings might be worth in future
  • All your documents in one, easy-to-find, place
  • Tools to help you open an investment ISA if you decide to

And our robust security measures mean you can be confident your money is safe and secure.

If you choose to invest via your bank account this will not connect your investment choice to any contributions made via payroll deduction. Are you sure you want to continue with this selection?