Most people have found getting a consistently good deposit rate difficult. We know that if we are receiving less than 1% interest on deposits we are being short changed by our bank or building society – in a way that can cost tens of thousands of pounds over a lifetime – yet inertia means we tolerate this.
Whether you’re an individual, a company or a charity, it’s in your best interests to manage your deposits as efficiently as possible. The problem has been that chasing a better return on your money can be a frustrating and very time-consuming task, requiring a lot of research. With open banking and technology advances, this is about to change and accessing a leading return is now at your fingertips.
Great deposit rate returns and low banking risk
Whilst many are aware that their savings are languishing in an account offering a poor rate of return, they are understandably reluctant to continually switch accounts to get better rates. The hassle-factor is made worse for those individuals with more than £85,000 in cash, who in order to stay on the best rates while keeping their savings covered by the Financial Services Compensation Scheme (FSCS), could find themselves continually having to open multiple accounts. Our new service allows you to open multiple accounts per individual keeping up within the FSCS limits of £85,000 ensuring no significant exposure to one financial institution.
What the PWM Deposit Service offers you
Whether you are simply looking to hold some cash in a ‘rainy day fund’, need a temporary home for a much larger sum, such as the proceeds of a business or property sale, or are simply looking for a simple and effective way to get a better rate on your savings, we think you’ll find our comprehensive deposit management service an excellent solution to your needs.
We have partnered with leading cash solutions provider, Insignis. The introduction of open banking legislation, combined with advanced technology, means that their service offers you the opportunity to opt for the best rates, and to structure your deposits to suit your cash requirements, all within one secure portal.
How it works
This innovative service provides you with access to an online cash management portal, enabling you to manage your cash deposits across a panel of more than 20 deposit providers who offer market-leading rates. Once you have completed the application form, there is no further paperwork required to switch between banks – ever! You can use the portal to help you maximise interest rates, or to minimise risk by diversifying deposits across a number of banking institutions, enabling you to manage your FSCS limits.
Insignis do all the market research and background work needed to bring you a curated range of savings options, offering different rates of interests and terms, so that you can select the best options for your needs.
To see the great rates or watch our video about how it works, please click here.
So, if like many savers you think it’s high time you got a better return on your cash deposits, then contact your Partners Wealth Management adviser for more information. Alternatively, email us or call the team on 020 3961 5406.
The contents of the article have been prepared solely for information purposes. The article contains information on financial products and services and such information is designed for and addressed solely to individuals seeking generic industry information.