What is Akoni?
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Akoni is a cash management platform set up by senior business owners and bank directors who became frustrated that they couldn't access the best market products and interest rates quickly and easily, so tapped into the power of technology to solve the problem.
Our platform helps savers manage the return on each cash deposit they make via Akoni, quickly, easily and securely. We do this by providing easy access to a range of savings accounts via our banking partners, with only one simple application needed for savers to take full control of their cash.
Our key services require a simple registration and provide:
• The opportunity to make your money work without the hassle or paperwork of searching the market and filling out lengthy application forms.
• A personal Savings Dashboard, allowing you to plan your cash needs over time.
• Simple tools to help you find the savings products that suite your needs, such as bank ratings, cash planning and an easy rates search.
• Our panel’s best rates, filtered according to your deposit amount and customer type, preferred maturity term and Fitch Solutions Financial Implied Credit Score.
•An efficient and easy-to-use savings platform to make instant access, notice and term deposits with our partner banks and receive interest on your savings according to the terms of the savings products. And, we will always tell you when you need to make a decision on a maturing account.
Is Akoni free to use?
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You will be invoiced a fee of 0.25% per deposit and an additional 20bp (0.20%) will be deducted from the gross interest paid by our Bank Partners before it is paid to you.
The rate displayed is the rate you will receive.
For a description of our fees and terms and conditions
click here.
Am I eligible?
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Our cash savings platform can be used by individuals, charities and companies. UK residents, clients of financial advisors, businesses or charities registered and domiciled in the UK are eligible to become Akoni customers.
How can I be sure I’m getting the best rates?
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Our system automatically searches every product offered by our panel banks and updates the results in our Best Buy Tables as noted in
Terms and Conditions. Therefore, you can easily compare products and rates on our platform.
*Different rates may be available directly from our bank partners.
Can I split my deposits across multiple banks?
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Yes! One of the key benefits of using a cash management platform like Akoni is the ability to split your cash and deposits across multiple banks to spread your risk.
How do I know my data is safe?
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We use bank level security standards, ensuring your data is safe. Our policies are in line with the Data Protection Act, and we are regulated under the Information Commission Officer (ICO) and abide by their rules in data protection. We promise not to sell your data to any other organisation and to only use it for the purpose for which you are registered and signed up as per our Privacy terms available here.
How do I know my cash is secure?
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Cash deposited with our panel banks is protected by the Financial Services Compensation Scheme (FSCS). The maximum level of £85,000 under FSCS applies to all deposits held with each bank, including deposits made through the Akoni platform and any other deposits with the same bank invested outside of the platform.
What is the Akoni deposit planner dashboard and how do I use it?
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The Deposit Planner Dashboard helps you create your own savings and deposit portfolio.
Once your application has been approved by Akoni, you’ll be able to create deposits on the platform and instruct Akoni to place them on your behalf; all without the normal hassle or paperwork.
The Dashboard aims to provide you with an ongoing update of available rates, managing multiple deposit and maturity requirements.
So, with a few simple clicks, you can add a range of products from our panel of banks, including instant access, notice and fixed term deposits.
What information can I find in my deposit planner?
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Hub balance: the amount currently sitting in your Akoni hub account. This will not earn any interest but can easily be deposited into a range of products that you will find through the Akoni deposit planner.
Annualised maturity: the total of your current hub balance, summed with your invested capital and your annualised interest calculation. This annualised interest calculation is the interest that will be earned on your current investments, were they to continue for 12 months.
Total funds invested: the total amount you currently have deposited in our panel bank accounts, summed with the total amount you have indicated you have deposited in existing tracked accounts
The Invested column shows the total amount you have invested using the Akoni Deposit Planner. The Balance section refers to the amount currently active in interest bearing accounts. The Interest Earned section refers to the total interest that your currently active accounts have earned, and the Interest Paid section refers to the amount of Interest Earned that has already been paid.
The Planned column shows the amount you are planning to deposit using the Akoni Deposit Planner. The Balance section refers to the amount you have requested to deposit but isn’t yet active. The Interest Earned section refers to the amount of interest you will earn if you instruct the full total of your currently planned deposits.
The Tracked column shows the amount in external accounts, not invested or managed with Akoni, that you are tracking. The Balance section refers to the amount in external accounts that you are tracking using the Akoni Deposit Planner. The Interest Earned section is the amount of interest that the Akoni Deposit Planner estimates that you have earned on this balance, based on the information about the existing account that you entered into the planner.
How does Akoni manage my accounts?
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Once you’ve opened an account with Akoni, you’ll be able to transfer funds to your Akoni account from your nominated account. You can then use your dashboard to request we place deposits into the product(s) you have selected. This takes just a few clicks and requires no additional paperwork.
Then, we instruct the panel bank to execute the deposit for you. In the meantime, you’ll be able to manage your deposit and make any adjustments in line with the terms of the product you chose.
What are fixed term and notice deposits?
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A fixed term cash deposit will be held in a financial institution for a specific length of time and funds can only be withdrawn after the term has ended. Requesting withdrawal of funds prior to the end of the term will usually evoke a penalty.
A notice deposit account allows you to deposit money and to withdraw it after giving a specific period of notice, earning interest based on the time period you choose (some products will allow early termination with a penalty fee).
What are instant access accounts?
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An instant access account is a savings account that allows you to deposit and withdraw your cash as and when you need it, without incurring any penalties.
Where is my deposit held?
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Any cash deposit made into a savings product offered by one of our panel banks is held with the panel bank until the specified term is complete, notice is given or withdrawal of funds is requested.
When does the term of my term deposit start?
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Your term deposit starts from the day that the funds arrive with the panel bank. However, how long this takes is subject to the Terms and Conditions of each panel bank, which are available to all Akoni clients.
What happens at maturity of a term deposit?
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When your deposit is near to reaching maturity (meaning the term for your deposit is almost up), we will notify you by email. We will notify you in good time and again on the day of maturity.
By default, we return these funds to your nominated funding account once your account term is up, unless you have requested to withdraw these funds to a different account or allocate them to a new product.
Are my deposits protected by the FSCS?
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Please refer to the deposit guarantee, terms and conditions and key facts documents for each product for specific information around FSCS protection.
Can I increase how much of my cash is FSCS protected with Akoni?
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FSCS protection is fixed at £85K per bank wherever that cash is held. However, with a cash savings platform like Akoni, you can place funds with multiple bank providers, increasing your protected funds.
For temporary higher balances from events such as the sale of your home you also enjoy FSCS protection of up to £1million for 6 months.
How soon can I expect to receive FSCS compensation if I need to make a claim?
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In the event that the panel bank or building society fails, the FSCS pays these claims as soon as possible, and always within three months.
More information on this can be found at https://www.fscs.org.uk/what-we-cover/banks-building-societies/
What is Fitch Financial Implied Credit Score (FICS)?
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The Fitch Solutions Financial Implied Credit Score (FICS) Model allows for a comprehensive assessment of the credit quality and the financial strength of over 26,000 rated and unrated banks globally, including over 24,000 unrated banks and more than 2400 rated banks.
