Insignis Cash Solutions currently offers some competitive savings accounts via its platform, which you might want access to. But just what is Insignis Cash Solutions and what value can it add to you?
Insignis Cash Solutions is a cash savings platform designed for individuals, companies, charities, and local authorities to earn better interest from their hard-earned cash. The platform offers access to up to 29 banks and building societies offering a range of savings account, some of which may be exclusive and/or market leading. Established in 2015, the company is founder-owned and has offices in London and Cambridge, servicing clients and partnerships throughout the UK.
Insignis Cash Solutions is a trading name of Insignis Asset Management Limited. Insignis is independent and fully regulated by the FCA under the new payment service regulations.
Insignis Cash Solutions is a platform, not a bank – and it is the pick and mix variety. Think of it like a supermarket which offers a variety of savings accounts, which you can pick and choose from.
The key benefit of the platform is that it offers a single sign up service, allowing you to hold deposits with a range of providers all operated via one hub account. Insignis will complete a single compliance and identification check, giving you access to up to 29 banks offering a range of savings rates, making your money work harder.
The minimum deposit is currently £50,000. So, if you are looking to deposit smaller amounts, an alternative platform might be more appropriate such as Raisin UK or Hargreaves Lansdown Active Savings.
Will my money be secure?
Here’s how the platform works:
1. Set up your account
As a client, you send your money to the platform (this money is kept in a hub account with Barclays Bank – see below for more details).
2. Select banks and rates
Once on the platform, you can search and choose from the banks and building societies available, choosing where you would like your cash deposited.
3. Security and peace of mind
Clients are eligible for the FSCS protection that is applicable to each individual banking licence. This does mean that you need to be wary of placing too much money with a provider that you already have funds with outside the platform as well as on it – although you are in control of where your money is placed.
Who can use the platform?
The Insignis cash savings platform designed for:
· Individuals (including Power of Attorney/Deputyship accounts)
As the platform offers access to easy access and notice accounts, as well as fixed rate bonds, if you are looking for a way to earn significantly more than your high street bank, or NS&I is offering, this could be the simple solution you need, compared to leaving your funds languishing in low rates and possibly unprotected.
Of course, just because it’s on the platform, doesn’t mean that it is a best buy, especially when you deduct the platform fee (see below). But sometimes simplicity is the best option, which is why these platforms are being developed. If they encourage savers to move their money from the high street banks and therefore earn more, whilst keeping more of it safe, that’s a better option than not moving the money at all.
Some important factors to consider:
· The minimum deposit on this platform is £50,000.
· The application and the opening of accounts is all done online, although there is a paper application process for those who need it.
· Insignis provides an execution-only service, which means you make all the decisions. However, an adviser will be allocated to you when you request your bespoke illustration, which will indicate the returns and security you could achieve.
· You can open accounts in single or joint names. You can even have some accounts in joint and others in singles names, which offers great flexibility.
· Certified copies of ID will be required, however, those clients who do not have certified ID can show their original documents to their Insignis adviser via a recorded video call. They can then send photocopies for Insignis to certify for them. But you will NOT need to do this each time you apply for a savings account – just on the initial Insignis application.
|Account Balance (£)||Management Fee (%)|
|£50,000 - £299,999||
|£300,000 - £999,999||0.20%|
|£1,000,000 - £1,999,999||0.15%|
|£2,000,000 - £4,999,999||0.125%|
The application process for the platform is below:
1. Request an illustration
Within 24 hours of sending an illustration request, you will receive an example illustration showing you how much you can save. You will be supplied with the name and telephone number of a member of the Insignis team to discuss how the platform works.
2. Complete application form online
When you are ready to proceed, you can complete the application online – which includes the ability to make a digital signature rather than ‘wet’ signature.
Insignis will need certified copies of ID for every customer. These can be certified by registered accountants, solicitors, bankers and FCA registered financial advisers. If you don’t have certified ID, you can request a video call to review your ID and then you can send photocopies which will be certified by your Insignis Account Manager.
3. Your account is set up
Once the application and ID is accepted, your account will be set up. This will allow you to log in, deposit your funds in the Hub Account.
4. Depositing your account
You can pay into your Insignis Hub Account (held by Barclays) either by electronic transfer (if necessary, over a series of days), CHAPS (paying the £20- £30 fee) or they will also accept a cheque. As soon as you have chosen your accounts, Insignis will guide you through the process to, or initiate the transfer of the funds from the Hub Account to the new providers. This process is generally completed within two working days.
If you have a minimum of £50,000 in cash that you are looking to deposit, you can
Withdrawing/moving your cash
· As this platform includes easy access and notice accounts, you can choose to redeem funds from your portfolio. If you make the request to withdraw from an easy access account before 2pm, the funds will be transferred on the same day – if it’s after 2pm, it will be in your Hub Account on the next working day.
· If you choose to make a withdrawal from a notice account, you will be notified when the funds are to be transferred to the Hub Account after the notice period is up.
· Once the funds are back in the Hub Account, you can then request them to be either moved to a different savings account by clicking on the account of your choice or choose to have it sent back to your nominated current account. There is no option for transferring the money to any other external account, to safeguard funds from any potentially fraudulent activity.
Just because they are on the platform, doesn’t mean they are the best rates, but Insignis does have some very competitive options, and some may be exclusive.
The funds are never held by Insignis - so there is no credit exposure with them. However, the money is transferred to the chosen banks via the trustee Hub Account with Barclays – so until you choose your accounts, you could be holding more than the FSCS limit with Barclays.”
Insignis uses Fitch Solutions to offer the Fitch Financial Implied Rating (FIR), which is an alternative to the traditional credit rating that is based on limited financial metrics and provides greater coverage as all banks with public financial information have a FIR. This allows customers to work with banks not traditionally rated as well as to compare them on risk basis, so gives you more information about who you are placing your funds with.
Of course, this is no guarantee of future security, but savers who are happy to put more than the FSCS protection limit with each provider, may find this useful in determining which banks they are happy to use - but only the FSCS will offer the guarantee.
Once your account has been opened, you can view, purchase, and manage a range of savings products online – all in one place, without filling in an application form or going through ID checks each time. Ordinarily and without the use of such a platform, if you open multiple savings accounts, you have to apply to each bank and therefore fill in multiple application forms and pass each bank’s own ‘Know Your Client’ identification checks.
Insignis Cash Solutions provides reporting functionality to allow you to view all your accounts in one place – including balance, interest rates, maturity dates and how much is covered by the FSCS. As well as this, you will also be given an annual summary of interest for tax reporting. This is a huge benefit as we know how just how much hassle it can be getting this from individual savings providers.
Any change to the account will trigger an email alert from Insignis, so if there is a rate change or your fixed term account is coming up for maturity, you will be informed.
14 days before maturity, Insignis will notify you that the account is maturing and list the options. This is repeated 24 hours before maturity and if no instructions are received, the initial deposit and interest will be returned to the Hub Account with Barclays. But it will remain there until you give your instruction as to where it should go next – either back to your linked current account or into a new savings account via the Platform. Insignis will remind customers that they have matured funds in the Hub Account every two weeks – but the platform cannot automatically move the funds out of the Hub Account, so it is the customer's responsibility to confirm what happens to the funds next. Otherwise the funds will stay in the Hub Account, earning no interest and potentially without full FSCS protection, if the amount is greater than £85,000 (£170,000 for joint accounts).
Today's savings market
As mentioned above, Insignis does not cover the whole of the UK savings market, although it does have partnerships with 29 UK banks, some of which offer very competitive rates.
However, just because these accounts are on the platform, this doesn’t automatically mean they are market leading – so it makes sense to check the competition on our best buy tables.
A final word ...
Insignis Cash Solutions is a well-developed platform and currently provides clients with access to a good number of banks, including a number of competitive rates for instant access and notice accounts – not just fixed rate bonds. So, it is a platform that could service many of your savings needs.
Obviously, the best option is to open up the highest-paying accounts available from the whole market, but we understand that some people just don’t want the hassle or don’t have the time.
So, if you’re looking for simplicity when opening multiple accounts and you’ve money sitting in a dreadful account, such as the likes of HSBC’s Flexible Saver account or NS&I Income Bonds paying a paltry 0.01% - then you’ll get a better return with Insignis. So, don’t sit back and do nothing, make the switch to a better account.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
All rates correct at the date of publication.