LEBC Launches Cash Management Service

July 2020
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Most of us are familiar with the idea of ‘shopping around’ for the best deal, and we are pretty good at doing so when it comes to renewing our car or home insurance or comparing prices on big purchases like washing machines and TVs. But it isn’t always easy when it comes to financial products like current accounts and savings accounts. There are several reasons  why this can be difficult:

  • The hassle of form-filling and identity checks if you do want to move your money.
  • There are so many providers and product variations to take into consider ation & compare (e.g. easy access or fixed term deposits, fixed or variable interest rates).
  • What seem like competitive interest rates are often time-limited introductory offers.
  • Rates can change quickly, what looks the best today often isn’t tomorrow and chasing competitive deposits could be a full time occupation!
  • The loyalty penalty – rates reduced for existing customers or expiring after the introductory period.

Our Bionic Cash Management service powered by Akoni is the latest addition to our Bionic Advice Zone. And it could help when it comes to getting the best from your savings and deposit accounts. Here’s how it works:

  • Register and set your account up to access a wide range of deposit providers and products
  • The application and ID verification process can be completed online saving you valuable time
  • The platform searches new savings offers so you can easily compare products
  • Get notifications when your interest rate changes so you can review and reinvest swiftly if you wish
  • Keep an eye on the consumer protection limits of £85,000 per account holder*
  • A straightforward one-time application and identity verification process means there’s no need to fill in new application forms or provide ID each time you take out a new product

With interest rates at an all-time low in the UK , a cash platform that can seek out the best possible rates with minimal effort could be useful for making the most of your cash, whether that be short term “rainy day” savings or pots earmarked for larger purchases such as home improvements, holidays or a new car. It can also be useful for medium term cash savings, business cash savings or attorneys managing the cash of others. The platform cost is 0.2% of funds held, subject to a minimum fee of £50.00.

To find out more about it, or if you’d like to sign up, click here.

Heather Lewis

*£85k per legal entity so businesses which are limited companies or partnerships would get this in addition to personal protection of £85k but a self employed sole trader depositing business cash would only get one lot of £85k Protection.

Please remember, no news or research item is a recommendation or advice to buy. LEBC Group Ltd is not responsible for accuracy and may not share the author’s views. The contents of this blog are for information purposes only and do not constitute individual advice. All information is based on our current understanding of taxation legislation and regulations. The Financial Conduct Authority does not regulate estate planning, tax advice, wills or trusts.

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