When you set up a monthly payment, you can choose the day of the month you’d like the payment to be collected.

We can collect payments on any date between the 1st and 28th of each month. If your preferred date falls on a non-working day, we’ll collect it on the next working day.

It takes 8 working days to set up a new Direct Debit, and three working days to change an existing one. If we miss your chosen date in the first month, don’t worry – your first payment will go out the following month.

When you set up a monthly payment you can choose the day of the month you’d like the payment to be collected.

We can collect payments on any date between the 1st and 28th of each month. If your preferred date falls on a non-working day, we’ll collect it on the next working day.

It takes 8 working days to set up a new Direct Debit, and 3 working days to change an existing one. If we miss your chosen date in the first month, don’t worry – your first payment will go out the following month.

Once we’ve got all the details we need, it usually takes 8 working days to set up your Direct Debit.

If it’s set up too late for your chosen payment date, we’ll collect your first payment the following month instead.

Your monthly payment or Direct Debit into your Octopus Money Direct ISA, Investment Account or Pension will show on your statement as either ‘Octopus Money’ or ‘OMUTM LTD’.

Your bank controls which name will appear on your statement, which is either the account name or our company legal name.

Go to your homepage in Online Service, select View your account and then go to Manage monthly payments. From here, you can cancel your monthly payment by following the on-screen instructions.

If you cancel your Direct Debit within 3 working days of the collection date, the cancellation will happen after your next payment is collected.

If you opened your account before 1 January 2023

You can also cancel your monthly payments by calling or writing to us.

It takes 8 working days to set up a new Direct Debit, and 3 working days to change an existing one. If we miss your chosen date in the first month, don’t worry – your first payment will go out the following month.

Your regular withdrawal from your Octopus Money Direct ISA or Investment Account will show on your statement as either “Octopus Money” or “OMUTM LTD”.

Your bank controls which name will appear on your statement, which is either the account name or our company legal name.

When withdrawing money from one of your funds, you can request a partial amount or the full balance. If you request a partial withdrawal, the maximum amount is 90% of your balance.

It’s a safety measure because in rare cases of extreme volatility, the value of your investment may drop to less than the amount you want to withdraw before the payment’s processed. If that happened, you’d be trying to withdraw more money than you actually had.

Investing with us could help you grow your money and achieve your long-term financial goals. Our products are designed for you to be invested for at least 5 years.

It’s important to remember that when you make a withdrawal, you reduce the amount of money that’s invested. This will then reduce the compounding effect that investing has on the value of your money.

For example, if you have £10,000 in your account and invest for 5 years with a 3% return, that would make a gain of £1,600. However if you withdrew £5,000 first, then over the same amount of time you would only make a gain of £800.

There are also tax implications to making a withdrawal. For example, if you withdraw from an ISA, but replace the amount you withdrew, it still counts towards your annual ISA allowance. Also, if you make a withdrawal from your Investment Account, the withdrawal could be subject to capital gains tax.

Ultimately, it’s up to you when you decide to make a withdrawal, but it’s important to keep in mind that if you do withdraw early, you may not hit the long-term financial goal you were aiming for when you first invested.

You can set up a monthly withdrawal to take a monthly income, while leaving the rest of your money invested. This gives it a chance to grow further.

Before you set up a monthly withdrawal, it’s important to think about how much you’d like to receive on a monthly basis. You’ll then be able to figure out how long you’d be able to receive that amount every month, based on the total value of your investments.

It’s also important to think about the investment approaches you’ll be invested in when taking an income. Higher risk investments experience more ups and downs, so you could be withdrawing money from your account while the markets also experience a dip.

Over time, that could mean the income you wanted from your investments may not last as long. Lower risk investments are more stable, so won’t grow significantly, but shouldn’t fall significantly either.

There are also tax implications to making a withdrawal. For example, if you withdraw from an ISA, but replace the amount you withdrew, it still counts towards your annual ISA allowance. Also, if you make a withdrawal from your Investment Account, the withdrawal could be subject to capital gains tax.

Yes. Other people, including your employer can also pay into your pension.

If you’d like another person or your employer to make a payment into your pension, you’ll need to give us a call. We’ll ask them to fill in a payment form, and once we’ve received it and verified their identity, we’ll be able to accept a payment from them

If they’d like to change a monthly Direct Debit they have in place, they’ll need to get in touch with us and we’ll ask them to complete a new form.

We’ll get in touch with the payer directly if there are any issues with their payments. You’ll be able to keep track of all payments in Online Service by going to ‘Account activity’ and viewing your regular pension statements.

You won’t be able to benefit from income tax relief on pension payments that come directly from your employer. Also, if your employer makes payments into a Octopus Money Direct pension, they can’t use this as an approved auto-enrolment pension scheme to make payments.

At the moment, the minimum age to take your pension is 55. It’s changing to 57 from 2028.

There are some circumstances where you can take your pension earlier, for example if you’re in serious ill health.

To find out more, have a look at our latest pension terms. You can also find a copy in your Documents.

If you opened your pension with us before 1 January 2023

The minimum age for taking your Octopus Money Direct pension will still be 55 even after 2028, when pension regulations will increase the age to 57 for other customers.

With an Octopus Money Direct pension, you can take your pension as one lump sum, with 25% tax-free. This is the only way you can withdraw from your Octopus Money Direct pension at the moment.

We’re working on options to drawdown income or take smaller lump sums from your pension.

If your pension is with us and you want to access it via drawdown or another way we don’t provide yet, you’ll need to transfer your money to another pension provider. We won’t charge you to transfer.