Savings Maximiser: Instant Access Cash Management
Savings Maximiser is now even better with reduced minimums and a fixed monthly cost, regardless of how much you save. Our cash management service is aimed at those with at least £25,000 and who want to retain instant access to their money at all times. Savings Maximiser aims to provide a consistently competitive rate of interest, while maintaining security for your savings.
Main features
The main features of the service are:
- Comparing best buys from across the savings market
- Instant access
- Simple, secure and saving you time
- Full banking facilities
- Keeping you up to date with top fixed rate bonds and other savings alternatives
- UK-only institutions with a banking licence providing FSCS peace of mind
Background
All of us hold at least some of our wealth in cash – but whether it is a bonus rate expiring, keeping up to date with 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 uncertainty around future interest rate rises and many savers are perhaps keeping more on instant access accounts than they would normally. Therefore, it has never been more important to make the most of these 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 much of the hard work for you.
How does Savings Maximiser work?
First of all we help you open a Hub Account which acts as the central account for all of your linked accounts. After your Hub Account has been set up, your initial deposit will be applied across a number of savings accounts depending on how much you deposit. Fair Investment Company will then regularly review your rate and when appropriate, move your money between institutions and accounts to maximise the return on your savings.
Your Hub Account
The Hub Account is provided by Cater Allen Bank and has all of the features you would expect from a competitive current account including VISA deferred credit card, cheque book and banking facilities such as direct debits and standing orders. You have 24/7 online access, unlimited day to day transactions and monthly statements by post.
Saving you time
We aim to handle the majority of the paperwork once the Hub account is opened thereby taking away the ongoing burden of research and rate selection. In addition to taking care of account switches in a timely manner, Savings Maximiser therefore saves you time.
Capital protection and security
Savings Maximiser only uses institutions with a UK banking licence and all of the accounts are opened in your name. All deposits held by Cater Allen are 100% guaranteed by Santander UK plc however they also hold their own banking licence and so qualify separately under the Financial Services Compensation Scheme (FSCS). Wherever possible, we also limit your holdings to no more than £85,000 with a single institution in order to maximise the FSCS limits available per person.
Lowest minimums
Savings Maximiser can be opened with a minimum of £25,000 which is the lowest minimum deposit level for a cash management service. Of this, a minimum of £5,000 is to be kept in the Hub Account at all times, regardless of how much you hold in total.
Lowest cost
The charge for the service is fixed at £20 per month, so you know exactly how much you will be charged, regardless of the amount you hold in Savings Maximiser. This represents the lowest cost for a cash management service in the UK and makes the service more cost effective the more you save.
A trusted name in financial services
Fair Investment Company is an independent financial services company and since its launch in 2000, has been a pioneer in finding competitive products and services for savers and investors to compare online. A savings specialist, we 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.
Independent and working for you
As an independent intermediary, we are not tied to any bank or building society. We can therefore access the widest range of rates available in the savings market which means we can secure the best of the banking rates available, whether offered through intermediaries only or direct to the public. This allows us to focus on getting you the best rate possible and since we are paid directly by you a fixed amount each month for the service, there is no provider bias.
Access to top fixed rates and savings alternatives
We also aim to keep you informed of top deal on fixed rate bonds as well as alternative options for your savings. We know that capital protection is of the utmost importance for many savers and so managing your overall savings portfolio is a top priority. With the higher rates reserved for those who are able to tie up their money for longer, we make you aware of the top deals in a timely manner.
Well placed
The need to maximise the return on cash whilst continuing to provide instant access and capital security has arguably never been so important. Building on our experience of working with the banking industry and helping customers find and compare competitive savings rates, we are well placed to offer a cash management service that aims to save customers time and to help provide peace of mind with your savings.
A much needed service
Commenting on the service, Oliver Roylance-Smith, Head of Savings & Investments at Fair Investment Company, said: “Years of record low interest rates combined with savings accounts becoming more complicated have really taken their toll on savers. Savings rates come and go at a faster pace than ever before and Savings Maximiser aims to minimise the time and effort you have to spend on your savings, and maximise the returns you receive – a much needed service whatever the current economic climate.”
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No news, feature article or comment should be seen as a personal recommendation to proceed. Prior to making any such decision, you should ensure that you are familiar with the terms and conditions associated with a particular service. If you are at all unsure of the suitability of a particular service, both in respect of its objectives and its risk profile, you should seek financial advice.
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. #
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