Review-based Cash Savings Platform Dynamic Cash Management express (DCMe), which launched at the tail end of last year, has this week added Teachers Building Society to its stable of savings providers.
Teachers Building Society was founded in 1966 to help teachers onto the property ladder and while this aim still holds true, the provider also offers savings products to all – not just those in the teaching profession.
And of course, like all other providers on the platform, Teachers Building Society is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA – and as a result is part of the UK Financial Services Compensation Scheme (FSCS).
Initially Teachers is offering two notice accounts via the platform – a 35-day notice account paying 1% gross/AER and a 90 day notice account paying 1.20% gross/AER.
These aren’t the most competitive accounts that can be found in the wider savings market – in fact DCMe has some alternatives that are better for each of these terms, but having extra choice is the real benefit. And of course, these are only the initial moves and there may be more to come later.
Adding Teachers Building Society brings the number of providers onto the platform to six – and unlike a number of other Cash Savings Platforms, the availibility of notice accounts as well as fixed term bonds (and with easy access accounts to come) could make the DCMe offering very appealing to those who are cash-rich but time-poor.
What is a Cash Savings Platform?
In effect, think of it like a savings supermarket. You apply once and then have access to a selection of savings products available on that platform.
The benefit for the saver is the simplicity.
Rather than having to complete multiple application forms if you want to split your cash between a number of different providers, you just fill out the platform application and therefore fulfil the ‘Know Your Client’ identification checks just once – yet you can still open a number of different savings accounts.
Many of the Cash Savings Platforms are of the pick and mix variety. DCMe is a little different as, rather than simply picking from a list of accounts, the service produces an initial portfolio of the best accounts that are likely to suit your needs.
It also produces a regular review to suggest better accounts if they become available – as well as making suggestions of what to do when an account comes up for maturity.
DCMe will be looking to add further providers and accounts to its platform and we’ll keep you up to date with any more developments as and when they happen.
The platform charges a fee of 0.25% per year of the balance of your investment.
If you have a minimum of £50,000 in cash that you are looking to deposit, request an illustration from a DCMe savings specialist now.
And for details about the other platforms that are available, download our free Guide – An introduction to Cash Savings Platforms
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