If you opened your account after 1 January 2023

When you opened your account, you will have set up a username and password for Online Service and shared your phone number with us. We’ll send you a secure code to this number every time you sign in.

To keep things extra secure, you can download our Octopus Money Direct app and link it to your account. Each time you sign in to Online Service, we’ll send a security check to your app instead.

If you opened your account before 1 January 2023

We’ve moved your account to our new Online Service, so you’ll need to set up new sign in details for Online Service. If you need help with this, give us a call on 03455 28 88 88.

You can view your documents by going to Documents in Online Service, or on our app.

If you opened your account before 1 January 2023

We’ll also send you copies of important documents by post, unless you decide to go paperless.

Just so you know, we’ll only show you documents created since 8 January 2024 in your Documents.

When we close your account, you’ll be withdrawing from all the funds you’re invested in. That process can take up to five working days. During this time, you might still see some money in your account, but because your account is closing, no new transactions will be possible.

Your dashboard will show that we’re closing the account for you. Once this is finished, your account status will be closed.

If you’re moving abroad, please let us know immediately on 03455 28 88 88. You may not be able to make payments, and financial regulations outside the UK could affect how you can use your Octopus Money Direct account.

No, you won’t be able to change your address to an overseas one online, unless it’s a BFPO address. Give us a call or send us a secure message in Online Service and we’ll be happy to help.

It’s up to you. You can keep them separate or we can merge these together for you. If you want to merge them, give us a call on 03455 28 88 88.

Go to your dashboard in Online Service, select ‘Transfer an ISA to us’, then follow the simple on-screen instructions.

Just to let you know, you can’t transfer a Help to Buy, Innovative Finance or Lifetime ISA into your Octopus Money Direct Stocks and Shares ISA.

You’ll need to tell us which funds you want to invest in and give us some details about the ISA you’re transferring. We’ll need your current provider’s details, your reference number and the amount you’d like to transfer.

If you want to transfer more than one ISA, stay in Online Service and repeat the process again from the top.

If you opened your account before 1 January 2023

If you want to make a transfer and don’t use Online Service, give us a call and we’ll be happy to help.

There isn’t a limit on how much you and your employer can pay in to your pension. However, there’s a limit on how much those payments can benefit from tax relief.

Most employed people can get tax relief on pension payments. This is up to either 100% of their salary, or a gross annual allowance of £60,000 which includes payments and tax relief, whichever is lower.

If you have unused allowance from previous tax years, this amount can be higher. You may have a lower limit if you’re a high earner or you’ve already accessed your pension benefits.

Even if you don’t pay income tax, you’ll still get tax relief on the first £2,880 you pay in each year.

To find out more, have a look at gov.uk.

Moving a pension is easier than it sounds.

First, it’s a good idea to make sure that transferring is the right decision for you.

Once you’re sure, go to your account overview in Online Service and select ‘Transfer a pension to us’, then follow the on-screen instructions.

We’ll ask you for your provider’s details, your plan or policy reference and the amount you’d like to transfer.

We’ll ask you to sign your form with a digital signature. Some providers don’t accept digital signatures, so if yours doesn’t we’ll get back in touch to ask you to sign and return your transfer form by post.

Just to let you know, there are some types of pension we can’t transfer. These include pensions with:

• A guaranteed annuity rate
• Safeguarded benefits or guarantees
• Payments already taken from them
• Defined benefits (public or private sector)

If you opened your account before 1 January 2023

If you’d like to transfer a pension to us but you don’t use Online Service, give us a call and we’ll be happy to help.

If you die before you withdraw money from your pension, we’ll use any named beneficiaries to help us decide who we should pay. A beneficiary is someone you’ve named to receive the money from your pension when you die.

Payments to beneficiaries are usually tax-free if you’re under 75, and the money’s paid within two years.

If you’re 75 or older, your beneficiaries may have to pay income tax on the amount they receive.

If you haven’t added any beneficiaries, or you haven’t allocated 100% of your pension, any money that’s left over will normally become part of your estate.

Yes, you can cancel a pension transfer as long as it’s within 30 days of the date you instructed the transfer.

We’ll check whether we can return the cash to your previous provider. If they can’t accept it, you’ll need to find another provider to transfer over to.

We’ll return whatever the transferred amount is worth, which could be more or less than the amount we received.

If you’d like to cancel a transfer, send us a secure message, call us or write to us at Octopus Money Direct, PO Box 24204, Edinburgh EH3 1JP.