You are here: Home - Saving & Banking - News -

AJ Bell launches cash savings hub

0
Written by: Emma Lunn
29/09/2020
The new hub will sit alongside the investment platform’s Youinvest platform for retail investors.

The cash savings hub will allow savers to browse a range of savings accounts in one place and open as many as they like from a range of UK-authorised banks.

The platform will be free to use for savers, with AJ Bell paid by the relevant savings institutions. There are currently 26 savings accounts to choose from six banks and this range will be expanded as the service grows.

Customers can choose between fixed term or notice accounts offering competitive savings rates over a variety of time periods, helping them improve returns from their cash savings.

An AJ Bell cash savings hub account can be set up online in a few minutes and savings accounts applied for immediately, with no paperwork required.

The hub contains a filtering tool and calculator so customers can evaluate the fixed-term and notice accounts available before investing.

Once opened, the savings accounts can be viewed alongside each other and alongside any investments held in other accounts with AJ Bell.

When a savings account matures, customers have two options:

  • Move the money into another fixed term or notice account available via the cash savings hub
  • Withdraw the money to their nominated bank account

The AJ Bell Cash savings hub is available to both existing and new customers of AJ Bell Youinvest.

The launch comes at a time when a number of savings providers have slashed interest rates. NS&I is cutting interest rates on some of its most popular accounts to 0.15% or 0.01% in November.

Former best buy easy access savings account Marcus from Goldman Sachs is reducing its underlying interest rate from 1.05% to 0.7% AER on 12 October.

Andy Bell, chief executive of AJ Bell, says: “The coronavirus crisis has shown just how important it is to have cash savings set aside but with interest rates so low, savers have to work hard to get a competitive rate. Scouring the market and switching accounts regularly is time-consuming and a large majority of customers we questioned welcomed the ease of doing this using our cash savings hub.

“The cash savings hub will make it easy for people to generate better returns from their cash savings by providing access to a range of accounts offering competitive interest rates via one simple service. Savings with each bank will still benefit from the FSCS protection up to £85,000 and there will be no need to go through a lengthy application process each time a new account is opened. No form filling, no paper-work and all completely free to use.

“Customers will be able to see their cash savings alongside their investments if they have other accounts with AJ Bell, providing a single view of their savings and investments in one secure place.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week

Privacy Preference Center

Necessary

Advertising

Analytics

Other