With inflation falling to just 0.5%pa and Bank of England base rate remaining at 0.5% the search for interest on bank accounts remains a difficult task. With this in mind I wanted to highlight a scenario I have been dealing with this week which may be of interest.
Mrs B had £205,000 spread across 6 different NatWest accounts offering different interest rates and different notice periods – as all these monies were held under the one banking licence, the FSCS protection that was available to our client, in the unlikely event that NatWest defaulted, was just £85,000.
At Whittaker Financial Solutions we can scan the entire UK deposit market (not just the accounts shown on website comparison tools, when banks pay the website procuration fees) and we were able to help Mrs B access four new accounts across a range of banking institutions. This research has helped Mrs B increase the anticipated interest received on her money from £1,766.39pa to £4,359.00pa whilst, at the same time, increasing her FSCS protection to the full £205,000.
It isn’t just individuals, who we can help in this manner. We can also provide this sort of research and full audit trail (via a comprehensive report) for the following clients:
Individuals – savings accounts, Cash ISAs and junior ISAs
Trustees
Corporate entities
Trustees of Pension Schemes
If you have money on deposit but would like help in maximising your interest returns and/or their FSCS protection, then please contact me to discuss how me may be able to assist.
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