The education sector could make millions of pounds in extra interest each year. Your school or multi-academy trust could earn its share by
To help schools and trusts explore different savings options, the Department for Education (DfE) asked banks, building societies and savings platforms to share information about the services they offer.
Note: DfE does not recommend specific financial institutions or offer financial advice. The companies listed here are those that replied to DfE’s request for information. Other providers may offer similar services. Seek independent advice to find the best option for your organisation.
The DfE banking comparison tool helps schools and trusts compare savings accounts. It displays different interest rates and options depending on factors like
It may benefit schools and trusts with simple banking needs. For example, a school looking to place less than the FSCS protected amount of £120,000 (opens in new tab) in a single account.
The comparison tool features products from banks and building societies that replied to DfE’s request for information.
Rates shown are based on periodic updates from the banks and building societies. They may not represent the exact offers available at any given time.
DfE Banking Comparison Tool (opens in new tab).
Savings platforms, or savings platform providers, are websites that offer customers access to a range of savings accounts from different banks and building societies through a single sign-up process.
Customers usually pay a fee or accept a slightly lower interest rate in exchange for the service.
Schools and trusts that want to spread money across multiple savings accounts should consider using a savings platform. This can save significant time and effort compared to setting up accounts individually with each bank.
DfE-approved platform: Insignis
While several savings platforms exist, Insignis responded to a Request for Information from DfE and has been approved for use by the education sector.
Insignis connects schools and trusts to a wide range of UK-regulated banks through one application process.