In a low interest rate market, it can be difficult for savers to get excited about the prospect of managing cash savings. However, cash is a vitally important asset for both short term liquidity and meeting future liabilities. Ensuring your cash is working hard for you, often involves the management of multiple cash deposits and the constant review of the bank interest rates. This can be a time-consuming and painful process.
Business owners, Charities and individuals often don't have the time to manage their cash to gain a small advantage. Historically, the administration of multiple cash accounts has been very time-heavy and as such, not a reasonable return on investment. To help address these challenges, Albert Goodman Chartered Financial Planners have partnered with a leading cash management service provider, Insignis Cash Solutions. Insignis offers a single sign-up service that gives you access to up to 29 banks and building societies offering exclusive, market-leading savings rates. Insignis is available to Businesses, Charities, Trusts and Individuals so caters for all possibilities.
How Does It Work?
For clients wanting to benefit from this service, they simply register through an online portal and create an account. The desired amount of savings is then transferred into a main bank account through the platform (also known as a hub account) before being spread across a number of different banks. This process is completed online, and clients can switch funds between accounts with ease. Insignis manages the complex administration on your behalf, providing you with a hassle-free service that enables you to access the best interest on your accounts through one place.
The graphic below highlights how the process works in more detail:
WHAT ARE THE BENEFITS?
One-Time Sign-Up & management process - By signing up to an Insignis Cash solution, you are accessing a wide range of bank accounts through one place, rather than having multiple different banking apps or paper statements. This leads to a huge time saving, freeing your time up to focus on what is important.
Top interest Rates - Insignis presents the top interest rates across all savings account on a daily basis to ensure that clients are receiving the best rates. In addition, the smaller 'challenger' banks in the market at the moment. They have rapid growth objectives and as a consequence often offer better returns than the traditional high street names to attract deposits.
Multiple Term Options - The solution offers a variety of term options to keep your funds as liquid as possible. You can hold different accounts with different terms to ensure that you meet your cashflow and liquidity requirements at the right time.
Full FSCS Protection - The solution benefits from the Government-backed FSCS protection eligibility of up to £85,000 per individual for each account opened. The solution has the ability to split larger sums of money across accounts to ensure this FSCS protection remains in force.
Cash Moved Securely - Cash is moved securely
within the UK banking system and you remain the beneficial owner of
your money. This is key to ensuring that you funds are protected at
Insignis offers hassle free, active management of your cash
deposits to improve the potential returns on your money. Opening
multiple bank accounts to benefit from everchanging rates is too
time-consuming. With a single Insignis account, you gain access to
the whole savings market through one, easy to use platform. Whether
you are an individual, company, charity, trust, or local authority,
Insignis can help manage your cash in a more secure and efficient
If you would like to discuss the Insignis Cash solution with one of our advisers, please get in touch and we will be happy to discuss this in more detail.
In a low interest rate market, it can be difficult for savers to get excited about the prospect of managing cash savings. However, cash is a vitally important asset for both short term liquidity
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.