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By the end of this guide you'll have a bank account added to one of your investing entities in Covercy One, linked to your holdings, and submitted for your fund manager's approval — so your next distribution can be paid out to the right account.
Note
You need at least one investing entity before you can add a bank account. If you don't have one yet, the Banking page prompts you to create one — or go to Settings and add an investing entity first. Bank accounts are organized by investing entity, so each entity keeps its own accounts.
Warning
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always navigate to Covercy One directly rather than following links in unexpected messages, and only add or change bank account details from inside your investor portal.
Open the Banking page
- Sign in to your Covercy One investor portal.
- Select Banking from the navigation menu.
- The Banking page opens with one tab per investing entity. Each tab label shows the entity name and how many holdings it has.
- Select the tab for the entity you want to work in. Each tab shows a Bank Accounts panel first and a My Holdings panel below it.
Note
If any holding in the selected tab still has no bank account, a warning banner appears at the top of the tab telling you how many holdings need one. The banner disappears once every holding in that tab has an account linked or a request in progress.
Add a bank account
- In the Bank Accounts panel for the selected entity, select Add Account.
- The Add Bank Account drawer opens, with the investing entity's name shown below the title.
- Choose how to add the account. The guided option at the top of the drawer connects your bank directly and fills in the account for you. If you'd rather type the details yourself, use the manual section below the divider.
- Review the terms shown in the drawer and accept them. Accepting the required terms is part of adding the account, and your acceptance is recorded.
- Leave Make default checked if you want this account proposed automatically for new holdings, or clear it to keep the account available without making it the default.
- Complete the flow. The drawer closes and your new account appears in the Bank Accounts panel, showing badges for the payment methods it supports and a Default badge if it is the entity default.
Tip
Connecting your bank directly is the quickest path — the account details come straight from your bank, so there's nothing to type or double-check. Either way, your fund manager still approves the account before it can receive payouts.
Warning
If something goes wrong while the account is being added, the drawer stays open and shows the reason inline. Nothing is saved in that case — correct the problem and try again rather than assuming the account was created.
Note
If a tab has no Add Account button, that investing entity isn't linked to any of your fund managers' holdings yet. Existing accounts for the entity still appear, and your fund manager can tell you when the entity is ready.
Link an account to your holdings
Adding an account and linking it to a holding are two separate steps. Look at the My Holdings panel below the accounts list: each row shows one holding, the account currently assigned to it, and its status. To link your new account, select the holding row and choose the account. This sends a request to the fund manager for that holding — the change takes effect once they approve it.
Note
If you added the account with Make default checked, Covercy One submits approval requests for the affected holdings for you, so you may not need to set each holding manually. Check the status on each row to confirm.
Understand holding statuses
Every holding in the My Holdings panel shows one of these statuses:
- No account set — no bank account has been requested for this holding yet. Select the row to choose an account.
- Pending approval — you've submitted an account for a holding that had none, and your fund manager hasn't acted yet. You can revoke the request while it's pending.
- Linked — your fund manager approved the account. This holding is ready to receive distribution payouts.
- Change requested — you've asked to switch, edit, or remove the account on a holding that already had one. The previously approved account stays in place until your fund manager approves the change.
Warning
A holding can't receive distribution payouts until it shows Linked. If a holding sits in Pending approval or Change requested and you're expecting a distribution, check in with your fund manager.
Accounts your fund manager set up
The Bank Accounts panel lists only the accounts belonging to your investing entity. If your fund manager set up the payout account for a holding, that holding reads Linked to a bank account set by your GP and the account's details aren't shown to you. You can still ask to switch that holding to one of your own accounts — select the holding row, choose your account, and the request goes to your fund manager for approval. An account added by your fund manager appears with an Added by label and can't be edited or deleted from your side.
Manage an existing account
To change an account you added, open the Bank Accounts panel, find the account row, and select the ··· menu:
- Edit — update an account you entered manually. Your account list updates immediately, and any holding linked to that account moves to Change requested until your fund manager approves the update.
- View Details — review the details of an account you connected through your bank. These accounts are read-only.
- Set as default — make this the entity's default account, proposed automatically for new holdings. You'll be asked to confirm.
- Delete — remove the account. If it isn't linked to any holding it's removed straight away; if it is, a confirmation explains which holdings are affected, that any pending requests pointing at the account are cancelled, and that future distributions for those holdings won't be sent until a new account is assigned.
Tip
You don't have to wait for your fund manager before making another change. If you edit an account or choose a different one while a request is still pending, your latest choice replaces the earlier request — your fund manager only ever reviews your most recent intent for that holding.
Revoke a pending request
To cancel a request before your fund manager acts on it, select the holding row showing Pending approval or Change requested and revoke the request. The holding returns to its previous state: No account set if it never had an approved account, or Linked to the account that was already approved.
Keep your banking details secure
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always navigate to Covercy One directly rather than following links in unexpected messages. If you receive a message asking you to change payout details or confirm account information outside the portal, don't act on it — sign in to Covercy One and check the Banking page yourself, then report the message to your fund manager.
Verify it worked
Return to the Banking page and check the tab for your investing entity. The new account should appear in the Bank Accounts panel, and each holding you linked should show Pending approval or Change requested. Once your fund manager approves, the status becomes Linked. When every holding in the tab has an account, the warning banner at the top of the tab no longer appears — and the banking reminder on your investor dashboard clears as well. If a request stays pending longer than you expect, contact your fund manager; if something in the portal looks wrong, contact our team for help.
- Why does my holding still show 'No account set' after I added a bank account?
- Adding an account to your investing entity and linking it to a holding are separate steps. After adding the account, select the holding row in the My Holdings panel and choose the account to send a request to your fund manager. If you added the account with Make default checked, the requests may already have been submitted — check whether the holding now shows Pending approval.
- What does 'Pending approval' mean?
- You've submitted a bank account for that holding and your fund manager hasn't reviewed it yet. Nothing is required from you while it's pending. You can revoke the request, or simply choose a different account — your newest choice replaces the pending one.
- Can I add more than one bank account?
- Yes. Each investing entity can hold several accounts, and each entity keeps its own list. Use Set as default to choose which account is proposed automatically for new holdings.
- Can I edit an account that's already linked to a holding?
- Yes. Your account list reflects the edit immediately, and every holding linked to that account moves to Change requested until your fund manager approves it. The previously approved account stays in effect for payouts until then. Accounts you connected directly through your bank are read-only — to change one, add a new account and assign it instead.
- What happens if I delete an account that's linked to a holding?
- Covercy One shows a confirmation listing the affected holdings and warning that future distributions for them won't be sent until a new account is assigned. Confirming removes the account from your list, cancels any pending requests that pointed at it, and notifies your fund manager. Assign a different account to those holdings as soon as you can.
- Why can't I see the account details for one of my holdings?
- If your fund manager set up the payout account for that holding, the row reads 'Linked to a bank account set by your GP' and the details aren't shown in your portal. You can request switching the holding to one of your own accounts at any time.
- Is it safe to add my bank account in Covercy One?
- Yes. Your account details are handled securely and used only so your fund manager can send distribution payouts to the right place — your sign-in credentials are never shared with them. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone, so treat any message that does as suspicious.