Bank Deposit Sweep
One account under your brand, swept across three partner banks, with up to £360,000 FSCS protected.
A deposit account available within Bondsmith’s panel, offered standalone or as part of the marketplace. For distributors, platforms and advisers who want to offer a single savings account with multi-bank protection. Your client holds one balance. Bondsmith allocates it across three banks, keeps each portion within the FSCS limit of £120,000 per eligible depositor, per banking licence, and rebalances as often as daily. It can be held as a Cash ISA or as a standard savings account.
- Partner bank
- Partner bank
- Partner bank
Two ways to hold it
The same swept account, under your brand, inside whichever wrapper your client needs.
Cash ISA
Tax-free interest on the swept balance, with Bondsmith as ISA manager. Flexible withdrawals, transfers in and out, allowance tracking and HMRC reporting are all handled.
About the Cash ISASavings account
A standard savings account with no wrapper: one balance, one rate, next business day withdrawals. The simplest way to offer the Sweep alongside your existing products.
How it works
- 1
One account
Your client deposits into a single account under your brand.
- 2
Swept daily
Bondsmith sweeps the balance once each business day.
- 3
Allocated across three banks
The balance is placed across three partner banks, with each portion kept within £120,000.
- 4
Rebalanced
As balances and rates change, the allocation is rebalanced as often as daily.
Why offer it
Protection and rate without effort
- One account, one balance and one statement
- Available as a Cash ISA or a standard savings account
- Up to £360,000 FSCS protected across three banks
- No bank selection, no limit management, no spreadsheets
- Interest accrues daily, withdrawals land the next business day
A single product to explain, with Bondsmith running everything behind it
- Offered under your brand, inside your proposition
- Bondsmith runs the allocation, rebalancing, reconciliation and reporting
- Onboarding, money movement and client servicing handled by Bondsmith
- Clear reporting for your clients and your team
Frequently asked questions
What is the Bank Deposit Sweep?
A deposit account available within Bondsmith’s panel, offered under your brand either standalone or as part of the marketplace. Your client holds one balance, and Bondsmith sweeps it across three partner banks, keeping each portion within the FSCS limit of £120,000 per eligible depositor, per banking licence.
How does it work?
Your client pays into one account. Once each business day Bondsmith allocates the balance across the three banks and rebalances it as balances and rates change. Your client sees one balance and one rate.
When is money swept?
Once each business day, with a cutoff of around 11:45am. Deposits received after the cutoff are swept the next business day.
When is interest paid?
Interest accrues daily and is credited monthly, on the first business day of the month.
Which banks hold the deposits?
Three partner banks on the Bondsmith panel. Each is a separate banking licence, so each portion carries its own FSCS eligibility of £120,000 per eligible depositor, per banking licence.
How quickly can clients withdraw?
Withdrawals land the next business day.
Can it be held in a Cash ISA?
Yes. The Bank Deposit Sweep can be offered as a Cash ISA, with Bondsmith acting as ISA manager, or as a standard savings account. The sweep works the same way in both.