Cash solutions on Wrap
With Aberdeen Wrap you can access cash solutions that offer competitive cash interest rates from a range of banks and building societies.
Cash solutions can be held within the Wrap Personal Portfolio and, as they are fully integrated on the platform, you can hold cash deposits in your Wrap account alongside your other investments.
You can choose from a range of cash deposit accounts offering different terms and rates:
- Fixed term deposit accounts are designed to be held for the full term and you will not be able to access your money during that period
- Notice day accounts allow more flexibility in comparison to fixed term deposits. It is possible to make withdrawals, but prior notice must be given (this is account specific and can vary).
Please contact us if you would like to set up cash solutions, or speak to a financial adviser if you want advice on if they're a good option for you. If you don't have an adviser, you can visit unbiased.co.uk to find one.
Latest cash interest rates
Below are the latest rates for fixed term and notice day accounts.
How to open a cash deposit on Wrap
If you’re interested in setting up a cash deposit within your Wrap Personal Portfolio, please call us on 0800 027 4675. Lines are open Monday to Friday, 9:00am – 5:00pm. Call charges will vary.
Important information
Protection for your cash savings
In the unlikely event that a UK bank should fail, your money is protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 for each bank, building society or credit union under the FSCS. This means that if you have more than one account with banks that are part of the same banking group, or separately, the total amount of compensation available across these accounts is £85,000. You should consider that any interest earned on larger investments could bring the balance over the £85,000 maximum.
Please note that there may be a delay in receiving compensation from FSCS for monies held in cash deposits. You can find more information about FSCS protection on their website at www.fscs.org.uk
Our partnership with Bondsmith
We work with Bondsmith to give you access to a range of cash deposits via Wrap. They are a financial technology company who are authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. Monies placed in cash deposits are held on your behalf in trust accounts at the relevant banks in the name of Bondsmith Savings Nominees Ltd.
FAQs
Further information
You can find further information in our cash solutions guide, the Bondsmith Terms and Conditions, and our Wrap ISA & Personal Portfolio Terms and Conditions. To find out how Bondsmith process your personal data, view their Privacy Notice at www.bondsmith.com.