David Sheard, Group Chief Financial Officer at Trinity Multi-Academy Trust (MAT), shares how the Department for Education (DfE) approved Insignis savings platform generated over a quarter of a million pounds in just over a year – money that is now being invested directly in opportunities for children and young people.
Our storyTrinity Multi-Academy Trust began with a single school. Today, we serve communities across 11 schools in Bradford, Calderdale, Leeds, Wakefield and Barnsley.
When people hear we generated an extra £258,000 in just over a year, they often assume we've made cuts somewhere. The reality is the opposite. By managing our cash more effectively, we've been able to invest even more in pupils - funding cooking lessons for our primary students, supporting sixth form travel and creating opportunities that otherwise wouldn't have been possible.
Like every trust, we're responsible for making every pound count. That means not only spending money wisely, but ensuring the money we hold works as hard as possible while remaining secure and fully compliant with Department for Education guidance.
By taking a more strategic approach to managing our cash balances, we generated more than £258,000 in additional income in just over 12 months.
The real story, however, isn't the money itself. It's what that money makes possible.
The numbers speak for themselvesIn just over a year, we earned over £258,000 using the Insignis savings platform. That's after fees. We're projecting £350,000 for the next financial year.
But the number isn't the point.
This is money that would have sat idle in a bank account or gained low interest rates with current banking arrangements. Now it's capable of changing young people's lives. All of it funded from our central budget. It’s possible because we chose to make our money work harder.
Watch our video to hear how we used some of the income generated.
Where we startedWe had up to 11 academy bank accounts across the trust. That’s one for each academy, a separate one for a private finance arrangement, plus additional accounts for our nursery and out-of-school provision.
It was complicated, time-consuming and inefficient. We were doing bank reconciliations over 11 times. We kept our reserves but earned very low interest. We weren't doing anything wrong. We just weren't doing enough.
I first heard about Insignis at a sector seminar. A fellow chief financial officer (CFO) I knew had already been using it, so I went straight to her for an honest view rather than a sales pitch. What she told me sounded good. I did my own checks, gathered references independently, and took it through our board approval process.
Insignis is the DfE approved savings platform available through the Get Help Buying for Schools service. That approval gave us a solid foundation to build our case on.
Getting startedAnyone responsible for public money is going to feel cautious. So, we started small, putting in an amount within government-protected limits. We got the money back. We got the interest. That was enough to build confidence.
Getting set up was straightforward. Insignis helped us gather references and supported us in writing a new investment policy for our trust board. The policy set out clearly what level of risk we were comfortable with. Once the board approved it, we had the green light to get started.
Within two to three months, we were using the portal actively and seeing real returns.
Choosing where to saveSome banks on savings platforms are less well known, and some have parent companies based overseas. I understand why that can feel uncomfortable when you're responsible for public funds. I felt the same way.
Insignis provides a full risk profile for every bank on the platform. Each option is graded clearly, so you can be as selective as you want. You might earn slightly less by ruling some out, but you will still earn significantly more than before.
My advice: get the risk profile, review it carefully, and let your investment policy guide your decisions.
A word on feesFees were one of the first concerns I raised internally. Here's my honest take.
Once you make that first transaction and see the fees come off your interest rather than your budget, you stop seeing them as a cost. You see them as a small reduction in your return.
The standard rate on the platform is around 0.2%, and it can drop to 0.1% depending on how much you deposit. Given we've earned over £258,000 after fees in just over a year, the numbers do the talking.
My message to youI genuinely don't know why I didn't do it sooner.
There's no magic formula. Just try it. Start with a small amount you're comfortable with. Get the interest back. Watch it land in your account. That moment will change how you think about everything.
I've spoken to colleagues who say they haven't got time. I get it. We're all busy. But think of it this way: if someone guaranteed you an extra £100,000 a year, you'd find the time. And once you start, the returns make it worth every minute.
We're not here to make money. We're here to make money go further, back into our pupils and our schools. This just makes that easier to do.
Learn more about savings options for schools to see if your school or trust's money could be working harder for your pupils.
Any savings, benefits and outcomes described in this blog were provided by Trinity Multi-Academy Trust and reflect its specific experience and circumstances. Individual results will vary between schools and trusts.
seen at 14:38, 7 October in Maximising Value for Pupils (Max VP).