🔔 Why it's more than just interest in saving

The losses recently announced by Co-op Bank will no doubt leave some savers cold, not least its members, including savers with Britannia and Smile. However, they are not the first to show signs of financial difficulty in recent years.

Unsurprisingly Britannia has recently been offering some market leading rates to savers and those with less than £85,000 shouldn’t have concerns. The safety net offered by the Financial Service Compensation Scheme (FSCS), protects up to £85,000 in savings, per person, per banking licence. However those with larger balances may want to split their money to balance security and return.

Building a balanced savings portfolio for short term access and longer term needs is sensible, but it also makes sense to spread your cash among a number of providers. This should help you to earn the best savings rates along with keeping money secure.

A saver with a large lump sum of £500,000 could improve their financial situation by almost £1,000 a year just by moving from the best easy access account currently available to a balanced savings portfolio, and be better protected. Better still, if the money has been languishing in a poor paying bank account they could boost returns by almost £8,000 pa *

There can be confusion as some providers share banking licences, so savers could think they are fully covered by the UK FSCS, only to find that they aren’t. For example AA, Aviva, Bank of Scotland, BM Savings (Birmingham Midshires Building Society), Halifax, Intelligent Finance, SAGA, and St James's Place are all part of the same group and therefore share a licence. It’s important to check with your savings providers to ensure you’re not under protected.

Savers have a real juggling act to contend with; on one hand needing the best rates on the market but on the other, making sure their money is safe by opening and managing multiple savings accounts.

That’s why we launched our Concierge Managed Savings Service, to take the worry and hassle away and gives savers back their time and peace of mind; spreading the risk whilst achieving the best savings rates on the market.

We research, monitor and manage your cash portfolio for you.

Concierge Managed Savings Service offers:

•A FREE telephone consultation and recommendations on the best rates
•Ensures you maximise the security of your savings under the FSCS, if desired
•A dedicated account manager to take away the administration hassle of managing multiple savings accounts
•All money will be held in your name at all times

There is an annual charge of 0.2% of your savings portfolio (subject to a minimum fee of £295) along with an initial set up charge of 0.1%

For more information call us free on 0800 321 3581 or email us at [email protected]

Testimonials:

After using the Rate Tracker Concierge Service, Mrs H from Berkshire says; “SavingsChampion's Concierge Service has been a boon in setting up a host of new accounts They take away the ghastly business of working out the best savings deals; they do as much of the paperwork as possible: and they just get things done. Best of all, you always get to talk to a human being and she's always cheerful!”

Mr E from Norfolk says; “a highly professional service offering clarity and support in the less-than-easy world of choosing places to deposit surplus funds”

* The table below includes rates available to the majority. Higher rates are available for existing and/or local customers.