HL Active Savings to get a competitor

Zanderman

Having just looked at Octopus (https://octopusinvestments.com/our-products/cash-savings/octopus-cash/) they're not an outfit I'd feel happy with - not least as they tell you nothing about the cash accounts on offer until you register and log-in (which I have declined to do!). 

Unlike HL Active Savings and Raisin who list the accounts available for all to see.  Up-front and without any registration unless you decide to go for it.

Octopus's brochure (https://media.octopusinvestments.com/m/5e7726c4d9d440a1/original/Octopus-Cash-brochure.pdf) is equally mysterious, not telling you about the actual accounts on offer.

It seems, as others have suggested, that they're more interested in getting you on board and marketing to you than simply listing some easy to open accounts.

firestone

colsten said:

firestone said:

Not sure how its dodgy to offer fixed rate bonds for varying terms to different sectors of the market(or was at launch) as their business model to offer 1 year to retail and 18 months or 3 year to business/adviser at certain times that's hardly dodgy just a business decision.
Companies offer different products to different parts of the market all the time,who knows it may even work the same in reverse for Octopus or Raisin etc in that the Banks/BS may offer HL as a bigger name different products,rates or commission  then they do them                                                                             
At the end of the day i have been happy with HL active savings and my wife with Octopus

The dodgy bit is that some bog-standard fixed term savings accounts which they apparently offer are only available if you go through an "advisor" (glorious name for a salesman on commission). As there is no, or only very little, commission on savings accounts, the only logical explanation for this strange way of offering, or should I say not offering, these accounts through a salesman is so that the salesman can try and sell a more profitable product. 

Fixed term interest rates are hardly a secret, and neither are fixed term savings accounts. Even Branch-only accounts are now freely advertised on the Internet by the provider and by comparison sites. The Octopus approach is clearly not comparable with the transparent approach used by HL or Raisin.

There transparent in the fact that the retail link from the home page offers 1 year/35 days while the adviser link offers the extra 6,18 or 24 months plus 90 days as you mention its a strange decision and unless you click on both being nosy then you do not know but hardly "Dodgy" 
But I agree It would be a worry if the salesman was pushing One of the Octopus Investment trusts or VCT on the back of a 18 month fix with the likes of Metro etc 
For what its worth i would assume anyone signing up to HL etc will get marketing and a soft nudge towards funds etc as part of the earning commission on the savings accounts and selling of other products so it takes many forms

firestone

Zanderman said:

Having just looked at Octopus (https://octopusinvestments.com/our-products/cash-savings/octopus-cash/) they're not an outfit I'd feel happy with - not least as they tell you nothing about the cash accounts on offer until you register and log-in (which I have declined to do!). 

Unlike HL Active Savings and Raisin who list the accounts available for all to see.  Up-front and without any registration unless you decide to go for it.

Octopus's brochure (https://media.octopusinvestments.com/m/5e7726c4d9d440a1/original/Octopus-Cash-brochure.pdf) is equally mysterious, not telling you about the actual accounts on offer.

It seems, as others have suggested, that they're more interested in getting you on board and marketing to you than simply listing some easy to open accounts.

Agree it would be better if they showed you the rates but the way they work is to offer their best rate by using the calculator button on the home page,so you can get a rate before joining but maybe not the best presentation(as a side note HL can keep some rates hidden unless you have joined and logged in so not all on view)
I would have no problem using Octopus as i have a couple of their funds ironically with One via HL but went the Active savings route myself.if my wife ever has a problem i will be the first to post 

masonic

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

firestone

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

masonic

firestone said:

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA. To be clear I've no issue with the part of the service that can be used without committing to speak to one of their advisers. But then again, why should those sensible customers who just want a savings account be denied the best rates?

firestone

masonic said:

firestone said:

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA. To be clear I've no issue with the part of the service that can be used without committing to speak to one of their advisers. But then again, why should those sensible customers who just want a savings account be denied the best rates?

Have not seen the act of enticing people in with a juicy rate and foisting an adviser onto them and my wife has never been approached about it so i could call your interpretation as dodgy,but that is your right.They do offer different terms to another part of the market but not rates as far as i know.But Banks and even NS&I etc offer different rates/terms based on amounts of money or maturing funds its all just a business decision the same as Octopus have made
You call it dishonest but the likes of Metro,Shawbrook and Close Brothers etc do not seem to agree  so guess we should agree not to agree

masonic

firestone said:

masonic said:

firestone said:

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA. To be clear I've no issue with the part of the service that can be used without committing to speak to one of their advisers. But then again, why should those sensible customers who just want a savings account be denied the best rates?

Have not seen the act of enticing people in with a juicy rate and foisting an adviser onto them and my wife has never been approached about it so i could call your interpretation as dodgy,but that is your right.

I'm going on information posted to this thread by others. If that information is shown to be incorrect (that you must agree to speak to one of their advisers to get access to the best savings accounts) I would change my opinion, but I can only reassure you that I am being completely candid about my views about what has been written about Octopus in this thread and not in the least bit dodgy.

firestone said:

They do offer different terms to another part of the market but not rates as far as i know.But Banks and even NS&I etc offer different rates/terms based on amounts of money or maturing funds its all just a business decision the same as Octopus have made

Once again, I have no issue with any organisation offering a range of different products with different terms or tiered interest rates - providing the customer is made aware of such terms in advance of applying for a product. To quote my earlier post "It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA."

firestone said:

You call it dishonest but the likes of Metro,Shawbrook and Close Brothers etc do not seem to agree  so guess we should agree not to agree

Where have Metro, Shawbrook and Close Brothers endorsed the practice of pushing customers into speaking to a financial adviser when all they want is a savings account? Or are you saying those organisations won't let you open a savings account with them unless you agree to speak to their chosen financial adviser either?

firestone

masonic said:

firestone said:

masonic said:

firestone said:

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA. To be clear I've no issue with the part of the service that can be used without committing to speak to one of their advisers. But then again, why should those sensible customers who just want a savings account be denied the best rates?

Have not seen the act of enticing people in with a juicy rate and foisting an adviser onto them and my wife has never been approached about it so i could call your interpretation as dodgy,but that is your right.

I'm going on information posted to this thread by others. If that information is shown to be incorrect (that you must agree to speak to one of their advisers to get access to the best savings accounts) I would change my opinion, but I can only reassure you that I am being completely candid about my views about what has been written about Octopus in this thread and not in the least bit dodgy.

firestone said:

They do offer different terms to another part of the market but not rates as far as i know.But Banks and even NS&I etc offer different rates/terms based on amounts of money or maturing funds its all just a business decision the same as Octopus have made

Once again, I have no issue with any organisation offering a range of different products with different terms or tiered interest rates. To quote my earlier post "It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA."

firestone said:

You call it dishonest but the likes of Metro,Shawbrook and Close Brothers etc do not seem to agree  so guess we should agree not to agree

Where have Metro, Shawbrook and Close Brothers endorsed the practice of pushing customers into speaking to a financial adviser when all they want is a savings account? Or are you saying those organisations won't let you open a savings account with them unless you agree to speak to their chosen financial adviser either?

They do not say you have to speak to an adviser or be enticed in only that they seem to offer a couple of different terms if you adviser is One they use - that hardly seems dishonest and they seem quite happy for the likes of FT & Money Observer to mention it
I was not saying the partner banks have endorsed the practice of pushing customers onto an adviser via Octopus (seems to be what somebody on here believes?) only that them partner Banks and BS have after checking out their business plan were happy to proceed with them

masonic

firestone said:

masonic said:

firestone said:

masonic said:

firestone said:

masonic said:

Why would they get an adviser involved in the sale unless they were pushing products for which it was a regulatory requirement? If you are investing under advice, then you should automatically assume there is risk involved. Too many times people have started threads asking about savings accounts they've invested in that have turned out not to be savings accounts.

Guess its their business plan as an article from last year on the FT site mentions it so its not like its hidden and  they also mention charities as another subset but its certainly a savings account.To be fair having mentioned them i was just replying to the use of the word dodgy which to me seems the same or One step removed from calling it a con/scam which seems wrong for this product but accept others may disagree but not sure why
Why they work the way they do i have no knowledge but the same partner Bank and BS that work with HL seem to have been happy working with them as well for a longer time without seeing any problem with how the product is offered or anything wrong (i assume the banks did some DD)
Guessing they do not need my help so i will stop before someone says i am a rep

It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA. To be clear I've no issue with the part of the service that can be used without committing to speak to one of their advisers. But then again, why should those sensible customers who just want a savings account be denied the best rates?

Have not seen the act of enticing people in with a juicy rate and foisting an adviser onto them and my wife has never been approached about it so i could call your interpretation as dodgy,but that is your right.

I'm going on information posted to this thread by others. If that information is shown to be incorrect (that you must agree to speak to one of their advisers to get access to the best savings accounts) I would change my opinion, but I can only reassure you that I am being completely candid about my views about what has been written about Octopus in this thread and not in the least bit dodgy.

firestone said:

They do offer different terms to another part of the market but not rates as far as i know.But Banks and even NS&I etc offer different rates/terms based on amounts of money or maturing funds its all just a business decision the same as Octopus have made

Once again, I have no issue with any organisation offering a range of different products with different terms or tiered interest rates. To quote my earlier post "It's the act of enticing people in with a juicy savings account and then foisting an advisor onto them that's being described as dodgy. Dodgy as in dishonest, and dodgy as in of low quality. People who need financial advice should find an IFA."

firestone said:

You call it dishonest but the likes of Metro,Shawbrook and Close Brothers etc do not seem to agree  so guess we should agree not to agree

Where have Metro, Shawbrook and Close Brothers endorsed the practice of pushing customers into speaking to a financial adviser when all they want is a savings account? Or are you saying those organisations won't let you open a savings account with them unless you agree to speak to their chosen financial adviser either?

They do not say you have to speak to an adviser or be enticed in only that they seem to offer a couple of different terms if you adviser is One they use - that hardly seems dishonest and they seem quite happy for the likes of FT & Money Observer mention it

Ok, so they are not offering these other savings products at all to retail customers? Only those who have a pre-existing advisory relationship? So people who do not already have a qualifying adviser cannot see these products at all?

firestone said:

I was not saying the partner banks have endorsed the practice of pushing customers onto an adviser via Octopus (seems to be what somebody on here believes?) only that them partner Banks and BS have after checking out their business plan were happy to proceed with them

If a company approaches a savings provider and says 'we'd like to market one of your accounts to our customer base' it would be evaluated in terms of profitability first and foremost. So it would be best to simply deduce that the savings provider believed it could get sufficient new business to justify the integration.