- Comparing best buys from across the savings market
- Offering a range of terms – fixed rate, notice and instant
- UK-only institutions providing FSCS peace of mind
- Simple, secure and time-saving
Background
All of us hold at least some of our wealth in cash – but whether it is a bonus rate expiring, the ever increasing number of rates available or making sure we read through all of the small print, keeping on top of it all is a real challenge. Add to this the threat of inflation and the continued outlook for record low interest rates and never before has it been more important to making the most of the returns available from our savings.
Meeting today’s financial challenges
Savings Maximiser regularly looks at best buy tables and beyond, to help maintain a competitive rate on an ongoing basis. At the same time it removes the administration burden and the need to continuously check whether your rate is safe and competitive, thereby doing all of the hard work for you.
How does Savings Maximiser work?
Fair Investment Company open a Hub Account on behalf of each customer, provided by Cater Allen – this acts as the central account for all of your linked accounts and has all of the features you would expect from a competitive current account.
After your Hub Account is set up, your initial deposit will be applied across a number of deposit accounts depending on how much access you require. Fair Investment Company will then regularly review your rate and when appropriate, move your money between institutions and accounts to maximise the return on savings.
Saving you time, spreading your risk
Fair Investment Company aim to handle all of the paperwork once the Hub account is opened and so by doing the majority of the work for you, Savings Maximiser saves you time.
Your money is also spread across a number of different FSCS eligible institutions in order to make better use of the relevant statutory protection schemes, and for additional peace of mind the security of institutions will be monitored on a regular basis.
Low minimums, low cost
Each Savings Maximiser account can be opened with a minimum of £100,000 and an additional £5,000 has to be kept in the Hub Account at all times. With the current compensation limit for institutions covered under FSCS protection standing at £85,000, this is a competitive minimum and the balance of £5,000 to be kept in the Hub Account is regardless of how many Savings Maximiser accounts you hold.
The charge for the service is 0.2% per annum with no minimum fee – this is far lower than anything else in the market and represents good value for those with more than the current FSCS compensation limit available on deposit.
A trusted name in financial services
Fair Investment Company is one of the UK’s leading independent financial services companies. A savings specialist, they have established working relationships across the entire market including banks, building societies and private banks, whether they deal directly with customers of through intermediaries only – Savings Maximiser thereby offers customers access to the widest choice of rates available.
Well placed
Commenting on the recent launch, Peter Beavis, Head of Strategic Development at Cater Allen, said: “Cash Management and the ability to maximise the return on cash assets whilst still providing the required level of liquidity has arguably never been so important. We are delighted to be working with Fair Investment Company to provide customers with a service that optimises their cash whilst maintaining the security and safety which is so important in the current economic climate.”
Building on its experience of working with banks and helping customers find and compare competitive savings rates, Fair Investment Company is well placed to launch this service and by removing the ongoing burden of research and rate selection, and taking care of account switches in a timely manner, the service is well placed to save customers time and to help provide peace of mind with their savings.
A much-needed service
Commenting on the service, Oliver Roylance-Smith, Head of Savings & Investments at Fair Investment Company, said: “Years of low interest rates combined with savings accounts becoming more complicated have really taken their toll on savers – with this new service we aim to minimise the time and effort you have to spend on your savings and maximise the returns you receive – a much needed service in the current economic climate.”
Future plans
Fair Investment Company has ambitious plans to develop this service to non-personal customer, such as businesses and charities, as well as to make it available via pensions, building on the strong relationships it has already developed and aiming to cater for the rising needs of customers in these areas.
Further information
To find out more about Fair Investment Company’s new Savings Maximiser, visit:
www.fairinvestment.co.uk/savings_maximiser.aspx
Note: The Financial Services Compensation Scheme limit of £85,000 applies to each depositor for the total of their deposits with an organisation, regardless of how many accounts they hold or whether they are a single or joint account holder.
Ends
For more information about this press release, contact:
| Oliver Roylance-SmithHead of savings and investmentsFair Investment Company Phone: 0117 9469766 Email: media@fairinvestment.co.uk Web: www.fairinvestment.co.uk |