Making the Most of Cash Savings – Corporate/Commercial Law

UK: Make the most of cash savings

To print this article, all you need to do is be registered or log in to Mondaq.com.

In a low interest rate market, it can be difficult for savers to get excited about managing their cash savings. However, cash is a vitally important asset both for short-term liquidity and to meet future obligations. Ensuring your cash is working hard for you often involves managing multiple cash deposits and constantly reviewing bank interest rates. It can be a long and painful process.

Business owners, charities and individuals often don’t have the time to manage their money to get a little edge. Historically, administering multiple cash accounts has been time consuming and as such does not have a reasonable return on investment. To help meet these challenges, Albert Goodman Chartered Financial Planners has partnered with leading cash management service provider, Insignis Cash Solutions. Insignis offers a unique sign-up service that gives you access to up to 29 banks and building societies offering exclusive, market-leading savings rates. Insignis is available for businesses, charities, trusts and individuals to meet all possibilities.

How it works?

For customers wishing to benefit from this service, they only need to register through an online portal and create an account. The desired savings amount is then transferred to a main bank account via the platform (also called a hub account) before being distributed among several different banks. This process is done online and customers can easily transfer funds between accounts. Insignis handles the complex administration on your behalf, giving you a hassle-free service that lets you access the best interest on your accounts through one place.

The graphic below shows how the process works in more detail:

1116344a.jpg

WHAT ARE THE BENEFITS?

One-time registration and management process – By signing up for an Insignis Cash solution, you have access to 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 saver, freeing up your time to focus on what’s important.

Best interest rates – Insignis presents the best interest rates on all savings accounts daily to ensure customers receive the best rates. Also, smaller “challenge” banks in the market right now. They have rapid growth goals and therefore often offer better returns than traditional big names to attract deposits.

Several 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 you meet your cash and liquidity needs at the right time.

Full FSCS Protection – The solution benefits from eligibility for government-backed FSCS protection of up to £85,000 per individual for each account opened. The solution has the ability to split larger sums of money across multiple accounts to ensure that this FSCS protection remains in effect.

Cash moved safely – Cash is transferred securely within the UK banking system and you remain the beneficial owner of your money. This is essential to ensure that your funds are protected at all times.

Summary

Insignis offers active and hassle-free management of your cash deposits to enhance the potential returns of your money. Opening multiple bank accounts to take advantage of ever-changing rates takes too long. With a single Insignis account, you access the entire savings market through a single, easy-to-use platform. Whether you are an individual, business, charity, trust or local authority, Insignis can help you manage your cash flow more safely and efficiently.
If you would like to discuss the Insignis Cash solution with one of our advisors, contact us and we will be happy to discuss it in more detail.

In a low interest rate market, it can be difficult for savers to get excited about managing their cash savings. However, cash is a vitally important asset for short-term liquidity

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: UK company law / commercial law

Start your sustainability journey in 2022

Albert Bonman

What better time to start a new initiative than in a new year!?! 2021 has been full of messages of “building back better” as individuals and businesses rethink the way they should do things.