Octopus Labs has developed a new fintech product that can double financial advisers’ saving rate and boost their FSCS protection.

Octopus Cash offers those looking to deposit £50,000 or more into a one-year fixed term account at a rate of more than 1% which is double the high street average of 0.55%.

The product will also spread larger deposits across three challenger banks and savers can benefit from £255,000 of FSCS cover.

Sam Handfield-Jones, director at Octopus Cash, said: “The UK’s savers have £145bn squirrelled away in fixed-term deposits.

“However, faced with the hassle of switching, fewer than one in ten of us choose to move it at the end of the term.

“But in today’s times of low interest rates and rising inflation, finding an easy way to get the best rate has never been more important.

“That’s why we created Octopus Cash: a simple, efficient and tech-enabled product that could let savers double their interest rate and triple their savings protection.”

Once a single Octopus cash account is opened the product’s algorithm will allocate a certain amount of funds dependent on the amount.

If the funds are less than £85,000 Octopus cash will deposit all of the cash with the challenger bank paying the best rate, more than £85,000 and the cash will be deposited in lots of £85,000 from the highest to lowest rate on offer.

If the funds total more than £225,000, clients will be able to save more if they choose however the access will not be covered by the FSCS..

Rachel Curtis, chief customer officer at Cambridge & Counties, said: “Octopus Cash is a smart way for savers to get their money working harder, with minimal effort.

“We’re thrilled to be working with Octopus to help savers find better rates more easily, with maximum FSCS protection.”

Joel Perlman, founder of OakNorth Bank, added: “With inflation on the rise and interest rates stuck at all-time lows, savers need better solutions.

“This is a great opportunity for banks like ours to offer savings products to a broad range of savers who will undoubtedly benefit from Octopus Cash’s offering, which includes better rates than the high street, FSCS protection, and reduced hassle.”

At the end of the one year term, savers can choose to go to the new best rate automatically or withdraw.

The service is currently only available through financial advisers.