Earn 4.13% AER with the Bondsmith Bank Deposit Sweep

The Bondsmith Bank Sweep, is an insured deposit service that allows customers who deposit money into it to earn interest on their cash balances and offers expanded FSCS insurance coverage on those cash balances.

Through the Bank Deposit Sweep, cash you deposit is swept to one or more of the participating banks, where the swept cash becomes eligible for FSCS insurance up to a total maximum of £255,000 (FSCS insurance coverage is limited to £85,000 at each participating bank).

Funds deposited into the sweep are managed by us, we will adjust your allocations across the available deposit accounts as often as daily to ensure the best outcome for you.

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Cash is swept once per business day. The daily cutoff is around 11:45 am and therefore your time to have funds swept can be either same-day or next business day depending on timing

While interest accrues daily, it is realised (credited) monthly on the first business day of the month. The realised interest stays invested within the sweep to compound into yield unless other user actions are taken such as withdrawals. Realised interest for the month will be available in your monthly account statement.

The participant banks are currently: HSBC Bank Plc, Santander Financial Services Plc, and LLoyds Bank plc