Wealth Cash Service
Posted on: February 8th 2024 · read
With rising interest rates making cash-based deposits more attractive in recent years, savers and investors are looking for ways to make their money work harder.
We understand that for most further and higher education institutions, cash management doesn’t justify a huge investment of time or resources. It’s easy to default to your existing bank but the interest rates may not be competitive. It’s also likely funds are not fully protected on the Financial Services Compensation Scheme (FSCS). This is precisely where our preferred cash platform can help.
The platform helps treasury and finance teams manage cash with minimal effort by unlocking hundreds of cash deposit products from investment grade banks, across multiple tenors and currencies.
The cash platform is designed to complement the day-to-day bank account by offering the following features:
Support – A dedicated relationship management team working directly with your treasury and finance functions from the initial call, through on-boarding and portfolio management.
Bank Panel – Diversify your cash deposits with more than 30 banks (investment grade and challenger) and building societies on the Insignis Bank Panel offering a variety of term options to meet your liquidity requirements. This includes easy-access, notice and fixed term accounts.
FSCS protection – Available for the first £85,000 per banking institution. By holding cash across different bank providers, it’s possible to secure 100% FSCS protection.
Personalised Illustrations – Bespoke illustrations providing access to attractive rates, some of which are only available through our cash platform provider.
Security – Dual authorisation available on all transactions.
Reporting – Access seamless reporting and execution of all deposits across all banks and building societies in one place.
Beneficial Ownership – Your business remains the beneficial owner of the funds at all times.
Simple Application – One application form at the outset means the cash platform can be accessed as soon as the account is open, providing access to over 30 banks. No other forms will be needed in the future.
As at 12th January 2024, competitive interest rates for corporates include 4.65% for easy-access, 5.15% on a 3-month fixed term and 5.15% for a one-year fixed term.
The cash service can be accessed for sums over £250,000 and a more comprehensive ‘hands on’ service is available for sums over £5m. The experienced cash team will work with you to navigate this process and deliver a solution that works.
Please contact the MHA Caves Wealth Team to arrange a non-obligatory discussion.