Frequently Asked Questions: Not-for-Profit

Banking Panel

How many banks and building societies do you have on your panel?

We partner with over 45 banks and building societies, including small challenger banks with competitive rates and large high street banks with strong credit ratings.

Do you have any ethical banks?

Yes, we have ethical banks on our panel.

Are all your banks/building societies covered under the FSCS (Financial Services Compensation Scheme) scheme?

All our banks and building societies are covered under the FSCS scheme up to £85,000 per depositor, except for a Guernsey-based building society, which is covered under the Guernsey Banking Deposit Compensation Scheme (up to £50,000 per individual).

Do any of your banks/building societies share the same banking license?

Most banks and building societies operate under their own banking license.

Please note RateSetter by Metro Bank operates under Metro Bank’s deposit-taking license, with combined FSCS protection up to £85,000 per UK depositor.

What due diligence do you do on your banks/building societies?

All institutions are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) in the UK, appearing on the Bank of England’s list of authorised banks and classed as dual-regulated deposit-takers.

Opening An Account

Do I have to change my current day-to-day banking provider?

No, you do not need to change your current daily banking relationships, unless you have accounts with a provider not on appearing on the Bank of England’s list of authorised banks.

You can deposit and place surplus cash on our platform while keeping day-to-day transactions with your existing banking provider.

Do you conduct anti-money laundering checks on your clients?

We conduct anti-money laundering checks on all clients as required by banks the law and regulations that apply to us.

How secure is client data?

Client data, including personal and organisational information is encrypted using proprietary encryption methods. All Personal data is encrypted when data is at rest and access is only permitted to authorised personnel.

Access to the Cash Management Platform is secured using Strong Customer Authentication (SCA username, password, and PIN code sent to registered mobile).


Do you charge transaction fees or a sign-up fee?

Our only charge is the annual account service fee, which is based on the total deposit, which is due monthly in arrears. There are no other fees for the Insignis Cash service.

How do you take your fee?

Once a client deposits funds into their Hub account, we set aside the annual account service fee and draw down monthly payments in arrears from this fee reserve account. We charge a minimum of one quarter of the fees, after which fees are charged pro rata. While the funds are in the fee reserve, they remain in the client’s name. There are no other fees for the Insignis Cash service.

Do you charge the banks or building societies that offer products on the Insignis Cash platform?

We don’t charge the banks or building societies that offer products on the Insignis Cash platform, meaning the client receives the full interest rate that the bank is offering. The only fee for the Insignis Cash service is out annual account service fee, which is based on your total deposit.

Account Set-up

When will a client be able to deposit their funds?

Once the application is accepted account is opened, the client and, if applicable, the adviser receives a welcome email informing them that the account is now open and operational with all the information needed to deposit the funds.

It is a large deposit; does it need to be sent in one go?

Clients can add funds to the Insignis Cash Hub account anytime, but how much you can send in one go may be determined by any limits set by your bank. Insignis Cash applies no limit on the amount.

Do clients have to deposit funds within a certain period of the account opening?

There is no time limit to deposit the funds.

Can clients make additional deposits into their account?

There is no limit to the amount of cash that Insignis Cash can manage for you. Many clients see the interest returns on their initial deposit and then choose to increase their funds in the service.

Do clients need to hold a minimum amount in their Insignis Cash account to keep it open?

There is no minimum to keep an account open.

How long does it take for funds to appear in the Insignis Cash Hub account?

Funds can take up to one business day to appear in the Insignis Cash Hub account, provided they come from the client’s linked account with the correct reference. Clients receive an email notification once the funds are available to be placed.

Can clients send funds from their Insignis Cash account to any bank account?

For security reasons, funds can only be withdrawn back to the linked account; they cannot be sent to other accounts or third parties. In exceptional circumstances, we may allow funds to be sent to authorised third parties, such as in cases of bereavement or customers in certain vulnerable circumstances, with the relevant legal documentation.

What is the linked account and can clients have more than one linked account?

The linked account is the account to which funds are sent back when clients request a withdrawal and for security reasons, clients can only have one linked account at the moment.

What reporting do you offer?

On the Insignis Cash platform, clients can generate three reports at any time:

  • Portfolio Summary: an overview of all the funds currently on our platform.
  • Transaction History: lists all movements on the account, for any period, including details of charges made.
  • Interest Received: summarises all the interest received across all the products in the Portfolio.

Who is the beneficial owner of the funds while they are placed with the banks/building societies?

The client always stays the beneficial owner of the funds throughout the process. The funds never touch Insignis Cash.

What happens to clients’ deposits if Insignis Cash ceases to trade?

Clients’ funds are securely held by the relevant financial institutions, not by Insignis Cash. Funds would be retained by the banks and building societies until maturity (if applicable), when the funds will be returned to the linked account.

Placing Funds

What length terms are the accounts you offer?

We offer a wide range of account terms, including Easy Access, Notice Accounts, and Fixed Term Deposits up to 5 years.

Are clients automatically eligible for any new banks/building societies that join the panel?

Clients are eligible for any new banks and building societies joining our panel without the need for further documentation, dependent on client type.

How long does it take for funds to appear in the different spoke accounts?

Funds are available by close of the next business day, to move from the Insignis Cash Hub account to any spoke account.

Do clients get confirmation from the banks/building societies that the funds are with them?

Once funds have been placed into a spoke account, the account will automatically move from “Pending” to “My deposit” view on the platform.

How is interest accrued?

Interest is accrued according to the terms of the chosen spoke account, which can be monthly, quarterly, annually, or on the anniversary.

Can clients set up a standing order to have interest paid out to their linked account each month?

Clients cannot set up a standing order to have interest paid out to their linked account each month as the interest accrued varies depending on the spoke accounts selected.

How do clients know if there are better rates available?

Clients can log into the Insignis Cash Platform and view all available rates across banks and building societies at any point.

How long does it take for funds to return to the linked bank account following a withdrawal request?

When clients request a withdrawal, funds will be returned to their linked account by close of the next business day.

Can dual authorisation be set up on the Insignis Cash account?

Clients can choose to have sole or dual authorisation on their Insignis Cash account.

Where Dual Authorisation is selected, please confirm whether the Account Operator will be a Requester or Approver. There must always be one Requestor and one Approver on the account. An individual cannot be both a Requestor and Approver.

In need of further support

If you still have questions unanswered reach out to a member of our team today.

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