What is a savings platform?
Savings platforms bring together selected savings accounts of many banks and building societies into one place, where savers can then select what they want to invest in. These platforms usually only ask savers for their personal and bank details once, removing the need and hassle of multiple applications.
You can have a cash hub if you are a personal, trust, charity, corporate & power of attorney. You fill in your details then decide where you want to save. When the product matures, or you want to move your money, you can either transfer it out of the platform or move it to the next best available product that is available on the platform at that time.
How it works
Benefits
- Convenience - Save time by only having to register your details once, and by being reminded when a fixed-term bond is coming to an end
- A Managed Account - Ongoing management and proactive communication can mean better returns for your cash
- You are in control - You remain the beneficial owner of your money regardless of how many savings accounts you open
- One-time Sign-up Process - The gateway to multiple savings accounts now and in the future
- Exclusive rates - On some occasions, you may be able to access exclusive savings products with rates that are more competitive than others on the market
- Peace of mind - Eligible deposits can receive protection of up to FSCS limits of £85,000 per individual for each UK account opened
The next step
For more information or to discuss any of the issues raised in this article, please contact Andrew Lloyd-Owen on a.lloyd-owen@uhy-manchester.com, or call us directly on 0161 236 6936. Further information can also be found here too.
