CashHub FAQs

The CashHub is an online service distributed by Quilter and powered by Bondsmith, a financial technology company.

The CashHub enables you to:

• compare a selected range of savings accounts with competitive rates of return
• pay money in, withdraw money, and move money from one savings account to another
• view your cash savings alongside your Quilter investments using a single online Customer Centre login.

Your savings are held by the bank or building society who provide your chosen savings account/s, or temporarily in a ‘holding account’ as you move money into or out of a savings account.

Money in the holding account and the savings accounts of your choice is held in trust by Bondsmith Savings Nominees Ltd.

The CashHub is available to you if you:

• are an individual (aged 18 or over)
• are a tax resident of the UK
• are not a US person (subject to US tax)
• have a UK bank account

You will need an online Customer Centre account to use the CashHub.

Simply login in and you’ll see link to learn more about the CashHub at the bottom of the ‘accounts overview’ screen. From here you can apply and set up your CashHub account.

After you’ve set up your CashHub account you’ll see your savings accounts and be able to access the CashHub on your ‘accounts overview’ page.

There are three types of account available to you on the CashHub:

• Fixed term: an account that pays the same interest rate over a specified term. The rate of interest you earn is usually higher compared to other types of account.

Any money you deposit into a fixed term account is locked into the account for the duration of the term. Normally you cannot top up or withdraw before the end of the term (the maturity date).

Please ensure potential future financial needs are considered before depositing money in these accounts as you will be unable to access your money before the end of the fixed term.

Some banks may allow withdraws before the end of the term, but normally only in exceptional circumstances (such as severe illness) and this may incur a penalty fee. If you think you need to withdraw money before the end of the term, please contact us.

• Easy Access: these accounts offer the most flexibility with the ability to top up and withdraw savings as required. Withdrawal terms can vary by account and some accounts may have restrictions.

The interest rates on easy access accounts are normally variable, and therefore can go up or down while the account is open. For rate decreases you will receive at least 14 days advance notice.

• Notice accounts: a notice account gives freedom to withdraw money but unlike easy access accounts notice must be given and there is a set period (the notice period) before money can be taken. Some accounts may allow instant access, but this may incur a penalty fee.

The interest rates are normally variable, and therefore can go up or down while the account is open. For rate decreases you will receive advance notice of at least 14 days plus the notice period for the account.

Specific details of each savings account can be found in its Summary Box.

Quilter is unable to provide financial advice, if you have any concerns please discuss the suitability of the bank account for your needs with a financial adviser.

When you compare savings accounts on the CashHub, each account will have a summary box that gives you key information about the account. This is an FCA-prescribed template and will be in the same format for each savings account. It is important to read this information to ensure the account is suitable for your needs.

The holding account

The minimum amount you can deposit into your CashHub holding account is £1,000. There is no maximum. No interest is paid on cash within the holding account.

The savings accounts

The minimum amount you can deposit will vary depending on the savings account/s you chose and will be displayed on the comparison screen.

The maximum amount you can deposit into a single bank account is £85,000. You can make multiple deposits of up to £85,000 each, into separate bank accounts.

When choosing your account/accounts you should consider that the maximum protection provided by the Financial Services Compensation Scheme (FSCS) is £85,000 per banking licence, inclusive of any amounts that you may hold with the bank elsewhere, not per savings account. You can find out more by reading: How is my money Protected?

Joint accounts are not available at the moment.

It doesn’t take long to apply for a CashHub account. After you’ve completed the basic application questions and passed the online identity verification, your CashHub account will be set up straight away (subject to acceptance) and you can start to choose your savings accounts.

If we are unable to complete the identify check using the details provided, Bondsmith (the provider of the CashHub) we will be in touch to request further information.

You can make a payment into a new or existing savings account by selecting ‘Payments in’ at the top of your CashHub overview page. Payments must be made electronically to the Bondsmith bank account details provided. Cheques are not accepted.

You can withdraw money from a savings account by selecting ‘Withdraw’ at the top of your CashHub overview page.

From here you can select which account to make the withdraw from and how much.

How long the withdrawal will take will depend on the type of savings account and will be confirmed on screen. Your withdrawal payment will be paid electronically to your nominated bank account.

The maximum amount you can withdraw online is £50,000. If you want to withdraw more than this amount you will need to contact us in writing.

Easy access account

Money withdrawn from an easy access account will take up to two working days to reach the holding account, after which it will automatically move to your nominated bank account normally within two hours, and not more than one working day.

Notice account

Money withdrawn from a notice account will reach the holding account within two working days of the end of the notice period. It will then automatically move to your nominated bank account normally within two hours, and not more than one working day.

When a fixed term account matures, the total value will automatically move to the holding account within two working days.

You can then move the money from the holding account into your nominated bank account. This normally takes up to two hours, and no more than one working day.

No, you’re not able to transfer money directly between your savings accounts and Quilter investments.

If you are planning on moving money you should speak to your financial adviser first.

CashHub – cancellation or closure by you 

When you first apply for a CashHub account you have 30 days to cancel it. The 30 days begin from the date the email to confirm the account has been set up is sent.

After the initial 30 day cancellation period has elapsed you can close your CashHub account at any time.

If you hold money in a savings account with a notice period or fixed term, your savings will be returned after the notice period elapses or the fixed term account matures, at which point your CashHub account will also be cancelled/closed.

CashHub – closure by Bondsmith

In exceptional circumstances it’s possible for Bondsmith to close your CashHub account. You would be given a minimum of 30 days notice should this occur.

At the point of closure the total value of your account would be paid to your nominated bank account. However, if you hold money in a savings account with a notice period or fixed term, your savings will be returned savings after the notice period elapses or the fixed term account matures, at which point your CashHub account will also be closed.

Savings accounts

Easy access and notice accounts can be cancelled within 14 days of account opening.

Generally, fixed term accounts will not have cancellation rights. If you want to cancel a fixed term account, you will have to wait until the end of the term to receive your money.

Before you chose a fixed term account you should be sure that you can afford to lock your savings into the account for the length of your chosen term with no access until that term has ended.

The banks/building societies who provide the savings accounts on CashHub will vary over time. This is because Bondsmith monitor the marketplace and may change the savings accounts available to you to ensure:

• we continue to provide access to a variety of savings accounts with competitive rates of return
• the banks providing the accounts continue to meet the criteria for inclusion.

The current list of available accounts can be found by logging into the online Customer Centre or mobile app.

This is the bank/building society account that you use to pay into the CashHub and to receive money from your savings account/s, either from a withdrawal or a maturity.

We can only accept a payment from, or pay out a withdrawal or maturity to, your nominated bank account.

Yes, you can change your nominated bank account by completing the ‘Change nominated bank account’ form.

The holding account is a temporary home for your money on the CashHub.

Any money you pay in will be held in the holding account before being deposited in your chosen savings account/s. Likewise, any money withdrawn, or money received when a savings account matures, will be paid into the holding account before moving to your nominated bank account.

Any money in the holding account is held in trust by Bondsmith Savings Nominees Ltd in a safeguarded bank account with HSBC, although in some circumstances it may be with ClearBank. Both are eligible for FSCS protection.

Important: because it is a temporary home for your cash the holding account does not pay interest.

These are savings accounts provided by banks that adhere to Islamic law (Sharia law), which prohibits the payment or acceptance of interest fees for the lending and accepting of money. Instead, it focuses on profit-sharing, joint venture agreements, and other lawful methods of generating returns.

Sharia-compliant banking products are structured to adhere to these principles, ensuring that all activities and transactions are morally and ethically sound in accordance with Islamic teachings.

Important: if you chose a Sharia account on the CashHub you may still see the word ‘interest’ used on some screens and statements. For Sharia accounts this refers to profit.

While Sharia accounts may be available on the CashHub, the CashHub itself is not Sharia compliant.

Sharia accounts do not pay interest and instead pay a share of the profits the bank anticipates earning from the funds they use in compliant business activities. The rate you earn on the account is expressed as an expected profit rate (EPR).

Yes, anyone can apply for a Sharia account. Their availability is not restricted by religion or belief.

Sharia accounts are often seen as a more ethical banking option, as Sharia banks do not lend money to companies involved with alcohol, tobacco, or gambling, for example.

Interest is accrued daily and paid according to the terms of each savings account. Please check the summary box for each savings account for more information about interest is paid. Please note the interest rates displayed are net of any payments made by the bank to Bondsmith and Quilter.

AER is the Annual Equivalent Rate. This shows what the interest rate would be if it were paid and compounded once each year.

This indicative rate is applied to all savings products in the UK, helping you compare interest rates across different products.

Gross is the rate paid on the account before tax is deducted. This may be paid/compounded at a different frequency.

AER is illustrative and assumes annual compounding. The actual gross interest rate on the savings account may be different.

If the gross interest rate is paid at maturity, then the gross rate could be higher than the AER.

Interest for term products shorter than 12 months is calculated pro rata.

All interest is paid gross of any tax.

We issue a tax certificate each year and the interest earned on any CashHub savings will be included in this.

You are responsible for ensuring you pay the correct tax due on any interest received, taking into account your Personal Savings Allowance and personal circumstances.

It will depend on the specific savings account you hold:

• Easy Access: interest rates can change anytime. For rate decreases you will receive at least 14 days advance notice.
• Notice: interest rates can change. For rate decreases you will receive advance notice of at least 14 days plus the notice period for the account.
• Fixed Term: interest rates will not change.

Bondsmith provide the technology that powers the CashHub.

Bondsmith is a trading name of Bondsmith Savings Ltd. Bondsmith Savings Ltd is a provider of embedded savings and banking services to the wealth management and investment industry and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011.

The CashHub is a ‘cash management platform’ or ‘savings marketplace’, an online platform which enable customers to deposit funds in savings accounts held with a number of banks or building societies.

Bondsmith Savings Ltd is registered in England and Wales, No 13223331. Registered office: 124-128 City Road, London, EC1V 2NJ.

Bondsmith is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 955601, for the issuing of electronic money.

Deposits placed through CashHub are held on your behalf in trust accounts at the relevant banks in the name of Bondsmith Savings Nominees Limited.

Bondsmith Savings Nominess Ltd is registered in England and Wales, No 13480386. Registered office: 124-128 City Road, London, EC1V 2NJ.

Your savings accounts: all of the savings accounts available on the CashHub are eligible for protection by the Financial Services Compensation Scheme (FSCS).

In the unlikely event that a UK bank should fail (and you lose your money) you won’t need to do anything. Your claim will be automatically processed and the FSCS will make a payment to eligible claimants as soon as possible.

Please note that for savings held through an online service such as the CashHub it may take up to a maximum of 3 months for compensation to be paid.

The holding account: any money in the holding account is held in trust by Bondsmith Savings Nominees Ltd in a segregated bank account. This is also eligible for protection by the Financial Services Compensation Scheme (FSCS).

Important: the maximum amount covered by the FSCS is £85,000 per person, per banking licence. If you hold money in another account with the same bank/banking licence as one of the savings accounts or the holding account, either on or outside of the CashHub, this counts towards the total £85,000 compensation available to you from that bank/building society. 

Bondsmith: should Bondsmith fail, any money in your holding account is held in a segregated account (separate from company funds) and cannot be accessed by creditors of Bondsmith.

However, the insolvency practitioners could deduct their fees from money in the holding account if there are no other sources available. This cost would be borne pro rata by all clients.

You do not need to pay a fee or charge directly to Bondsmith or Quilter for your CashHub account.

Bondsmith are paid directly by the Savings Account provider.  This is up to 0.25% of the account values held with the Savings Account by the trustees. It is deducted from the interest rates before they are displayed to you so that the rate on the CashHub is the rate you will receive.

Bondsmith pay Quilter a distribution fee of up to 0.15%.

If you have a question about the CashHub, the savings accounts or Bondsmith you should contact Quilter.

To be included on the CashHub the banks/building societies must meet the minimum financial strength criteria set by both BondSmith and Quilter.

However, their inclusion does not constitute a recommendation or guarantee of their safety.

Before you apply for a savings account you should complete your own ‘due diligence’ to be sure that you are happy with the bank/building society that you have chosen.

Independent credit ratings provide a guide to the financial strength of a bank/building society, but please note that ratings are not always available and are not a guarantee. Where available, you can find the credit ratings in the summary box for the bank/building society. You can see the summary box when you are comparing the savings accounts.

Yes, just like platform investments, the value of CashHub savings of any linked family member will help to reduce the percentage charged on your platform investments.

You can find out more about Family Linking on our website.

Please call or email us and our dedicated team will be on-hand to provide you with their full help and support.