The Savings Maximiser aims to provide you with a consistently competitive rate of interest while maintaining security for your savings.
- Maximise the return you receive.
- Actively reviewing the UK savings market
- Making changes on your behalf
- Using secure and reputable institutions
- Security of savings via UK only banking licences
- Simple, secure and saving your time
- Providing peace of mind for your savings
Why use Savings Maximiser?
There are many challenges faced by savers - from research and maintaining financial security, to acting promptly and dealing with customer services. Few of us have the time to carry this out every now and then, let alone on a regular basis. Savings Maximiser is designed to overcome all this and more.
How does the service work?
First, we open a Hub Account. We then use linked savings accounts from the widest choice available in the UK market in order to provide you with a competitive return. We then regularly review the savings market and make any changes necessary in order to maintain a consistently competitve rate.
How do you decide on institutions?
We review accounts from a wide range of institutions with a UK banking licence and select those we consider to offer the best overall account. To keep your rate competitive the interest payable is a key consideration but there are a number of other factors which are equally considered, including credit rating, customer service levels and scheme protection.
How often do you review my rate?
A key feature of the Savings Maximiser is that we regularly review your savings rates and move your money – but only when we are able to improve the overall rate and/or security available.
Will I have to pay tax?
Returns from savings are paid gross where possible otherwise interest payments will be paid net of basic rate tax. Higher rates will be liable to additional tax.
Accounts available and minimums?
Savings Maximiser is an instant access account. The minimum balance is £25,000. We also require a minimum balance of £5,000 in your Hub Account at all times.
What additional features are there?
The Hub Account is provided by Cater Allen Private Bank and acts as the central account for all of your linked accounts. There are a number of additional features provided by the Hub Account, including a VISA debit card, online access to balance and transaction history, cheque book, and more.
What protection is in place?
We only use institutions with a UK banking licence and whenever possible from non-linked institutions. Therefore, each account is eligible for compensation from the Financial Services Compensation Scheme (FSCS). The current FSCS limit for deposits is £75,000 per person, per institution. Cater Allen holds its own licence for FSCS purposes, and its deposits are also fully and unconditionally guaranteed by Santander UK plc.
What is the charge for the service?
The annual charge for Savings Maximiser is £20 per month with no minimum. This charge is made monthly in advance, taken as a deduction from your Hub Account.
What happens next?
You will find everything you need to get up and running enclosed with this factsheet. However, if you do have any questions on Savings Maximiser or are unsure how to proceed, please contact our customer services team on 0845 308 2525 or email them at email@example.com.
The frequency, nature and amount of interest may vary. The number of accounts used and the overall interest rate achievable depends on the amount deposited and your access requirements.
The indicative rates are not past performance and past performance is not an indication of future performance. The above is indicative of the interest we might achieve when we first invest your money. The rates assume two accounts are used for each notice period. More accounts may in fact be opened depending on the size of your deposit which may result in higher or lower interest rates.
This factsheet should be read in conjunction with the Hub Account T&Cs and Savings Maximiser brochure, T&C’s and the Fair Investment Company Terms of Business.