Account options
Cash Savings
Get quick and easy access to some of the best interest rates available. Set up your account online with no commitment through Charles Stanley Direct, our cash savings and online investing platform, then browse, choose, and switch.
Why it could be right for you
Benefits of Cash Savings
Think of our Cash Savings service as a marketplace for your money. Creating an account allows you to manage everything in one place, safely and securely, while potentially getting better rates than you currently receive.
Accessible
Find higher interest rates from a range of high-street and challenger banks with as little as a £1 deposit.
Simple
It’s quick and easy to open, view and transfer your savings to higher interest accounts all in one place, at no upfront cost.
Flexible
Choose between easy access, fixed-term, and notice accounts. Or use all three and manage your accounts in a few clicks.
Secure
Feel peace of mind with FSCS protection of up to £85,000 per person, per banking group.
A Cash Savings account is ideal if:
You have short-term goals
If your savings goal is within the next five years, you can get higher interest without having to commit your money.
You want to have more than one savings account
View and manage all your accounts in one place, with just one combined tax report to simplify your end-of-year tax returns. Compare, open, and transfer accounts at no cost.
You're not ready to invest just yet
If you’re not quite ready to invest, take advantage of higher interest rates on your savings. Choose between easy access, fixed term or notice accounts.
The best interest rates on Cash Savings
Explore the interest rate offers available. You can quickly and easily move from one deposit account to another.
How does the Cash Savings platform work?
When you open an account on the Cash Savings platform, you will be directed to a secure platform powered by Bondsmith to deposit funds into a holding account in your own name. From there, you have three options: an easy access, fixed-term or notice account.
Take control of your savings and investments today
At Charles Stanley Direct, we use technology where it helps; people where it matters. Find out more about our personal finance services, suitable for every stage of your financial life.
How do I get started?
- Set up your Cash Savings account or choose from a range of investment options including Stocks & Shares ISAs and Self-Invested Personal Pensions (SIPPs)
- We also offer Financial Coaching and Financial Plans to help with your tricky money questions
- Get in touch for a free consultation with one of our financial experts
Powered by Bondsmith
We are providing you with this service in conjunction with Bondsmith, a financial technology company authorised by the Financial Conduct Authority.
About Bondsmith
Bondsmith provides the platform that allows financial services companies like Charles Stanley Direct to offer its clients access to some of the best deposit interest rates currently available.
There is no upfront cost, but Bondsmith retains 0.1% of the interest received as the fee for providing this service. The rates shown are net of this fee so you will receive these rates in full. Charles Stanley receives no payment for providing access to this service. Your funds will not be held by Charles Stanley but are placed on deposit with the banking partners that you choose.
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Frequently asked questions
Who can set up a Cash Savings account?
Anyone who is a UK resident can open a Cash Savings account, with savings options available from as little as £1.
How is my Cash Savings account protected?
Each deposit account you open is not held by Charles Stanley but with whichever banks you choose to be your depositary of choice. Such accounts are protected up to a value of £85,000 per client for each bank or credit institution under the FSCS. Such protection, and its limitations, are outlined on the FSCS website.
Until moved to your selected deposit account(s) your money will be held in a HSBC holding account. Details of FSCS protections offered by HSBC can be found here: How FSCS protects your money | HSBC UK. As an electronic money institution, Bondsmith issue you electronic money (e-money) equal to your money held in the holding account. In the unlikely event that Bondsmith fail, your money in the cash hub is not covered by the FSCS. Instead, it’s protected through the FCA’s safeguarding rules. Money in the holding account is kept separately from our own company money in a safeguarded account with an approved bank (currently HSBC Bank Plc) that creditors can’t access. There’s no limit to the amount protected through safeguarding, but some costs could be taken by the administrator or liquidator if we were to fail. This could impact the amount that you receive, and it could take longer to get your money back than if it were held directly with a bank.
How do I pay funds into my Cash Savings account?
You can make an electronic payment to your Cash Savings account from your nominated bank account. You can find these details under your Profile, after logging into your Cash Savings account. Once the funds are in your holding account, you can move them to the easy access, notice or fixed term account of your choice.
How do I receive interest on my Cash Savings balance?
Your Charles Stanley Cash Savings account(s) will receive the rates of interest that apply for each account. Interest is paid without tax being deducted to your Savings account. The dates at which these are paid will depend on each account’s details.
Do I have to pay tax on the interest I earn?
Interest received is paid without tax being deducted by the provider, which means it counts towards the Personal Savings Allowance. You are responsible for reporting and paying any tax due on interest that exceeds your Personal Savings Allowance to HMRC through your Self-Assessment Tax Return. Because all your savings accounts are managed through a single master account with Charles Stanley Cash Savings, you will receive a consolidated tax statement after 5 April that calculates the total interest you have earned in the tax year. This will be available to view and print online. Tax rates and allowances are subject to change.