Shaukat Islam, CEO and Executive Headteacher, Inspire Education Community Trust, Birmingham, shares how a DfE-approved savings platform transformed how the trust maximises returns on its reserves.
Like most school leaders, I'm cautious with public money. When I first heard about cash savings platforms, my instinct was to stick with what I knew. We'd been with our main bank for years. It felt safe. It felt familiar. But it also meant our reserves were sitting in one place, earning rates that were quietly shrinking.
Something had to change.
The trustee question I couldn’t ignore
A trustee on our finance, audit and risk committee raised a question I couldn't ignore:
“We have a significant amount of money sitting with a single bank. Is that really the smartest approach?”
We looked at spreading deposits across other banks. But the paperwork was exhausting. Every bank wanted separate applications, we got so far and gave up.
Then I spotted something in the Department for Education (DfE) Update about a savings platform called Insignis. The fact that it was DfE-approved made all the difference*. Without that, I would have walked away.
Minutes not days
I booked a demo. It was straightforward, intuitive, and crucially, it didn't mean opening several separate bank accounts from scratch.
Instead, Insignis gives us access to over 55 banks through a single hub. We set everything up once. After that, opening a new deposit account takes minutes, not days. Currently we have deposits with 13 banks making maximum use of Financial Services Compensation Scheme (FSCS) protection of £120,000 per bank.
The platform shows us the interest rate on offer from each bank, and how long we'd need to lock money away. We can choose easy access accounts for cash flow, or fixed-term deposits for our reserves. It's flexible, and it puts us in control. Insignis provides a regular update on each bank’s credit ratings.
Security we can trust
Security was something I thought hard about too. The platform uses a two-person process and multi-factor authentication. Our business manager inputs the transactions, and I approve them. Money can only ever return to our nominated account. Nobody can move funds anywhere else. That peace of mind matters.
We also use Insignis smartly with our day-to-day cash flow, not just our reserves. As soon as funding comes in, we move it into the hub, place it into our chosen accounts and draw it down as we need it. Even our working capital earns interest now.
My advice to every school leader reading this
If your reserves are sitting in one place earning low rates, please look at this.
I know change feels risky. I felt nervous too. But the DfE has approved this route. The setup is simple, the security is robust, and the returns are real.
By using this savings platform, we are expecting a return of around £30,000 across one year which we plan to use on our classroom libraries (£15,000 per school) providing reading books for our children, many of whom may never have books at home.
The money sitting in your accounts right now could be working much harder for your pupils.
Ready to find out more? Visit the DfE's Buying for Schools page to explore the savings platform and banking comparison tool. It costs nothing to take a look, and it could be the best financial decision you make for your school this year.
* Please note: DfE does not recommend specific banks or give financial advice. Always get independent advice before making changes
Any savings, benefits and outcomes described in this case study were provided by Inspire Education Community Trust and reflect its specific experience and circumstances. Individual results will vary between schools and trusts.
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