Leicester-based financial advisory firm Rowley Turton has launched a cash management service for wealthier savers.
Available to individuals, trusts, businesses and charities with at least £250,000 in savings, the service will search the entire deposit market and recommend the most competitive rates for the client’s balance.
It can incorporate splitting the deposits to ensure full Financial Services Compensation Scheme depositor protection, and the use of different terms or notice periods to maximise the interest payable to the client.
One of Rowley Turton’s first enquiries, from a national charity, was able to improve interest payments by up to £3,100 a year after fees.
The charge for the service, offered in conjunction with Cascade Cash Management, is 0.30 per cent a year plus VAT.
An investigation by the Competition and Markets Authority found 57 per cent of consumers have been with their personal current account provider for more than 10 years, with 37 per cent staying put for more than 20 years.
The CMA’s research found that, on average, current account users could save £70 a year by switching and that bank customers feared moving accounts would be “complicated, time-consuming and risky”.
Scott Gallacher, a director with Rowley Turton, said savers have undoubtedly been the main losers of the banking crisis through falling rates.
He said: “The banks have had it too easy for too long, taking advantage of client’s trust and loyalty to give their long-standing clients a lower rate than they offer to new clients.
“Our new service is designed to obtain the best interest rates and stop people losing out.”
Marvin Evans, principal of Gloucestershire-based Old Bank Wealth Management, said: “It is a good service to be offering if it helps the client.
“There are so many sources of information out there now, where people can go online to find out about rates, but sometimes people might not be bothered to do it themselves.”