When the Bank of England cuts the base rate (as it did last month), savers are encouraged to move fast to lock in top-paying deals before they vanish.
Perhaps you’ve given clients similar advice.
But do you know just how fast these top rates disappear?
The answer is: pretty fast.
While calls to “act now before it’s too late” might feel like scaremongering, the truth is many banks cut rates within days of a base rate decision.
Research by consumer group Which? found one in five instant access accounts either slashed their rates or pulled deals entirely in the week following November’s base rate cut.
This is bad news for clients with cash sitting in poor-paying accounts.
But all is not lost. There arestill decent rates available.
Instant access accounts are often first to see their rates chopped after a base rate cut - so it’s a good idea to start here and check whether you could be earning more.
Right now, the top-paying instant access deal on the Akoni platform is paying4.20%*. This is a variable interest rate so could go up or down at any point and the minimum deposit is just £1.
For clients willing to lock up their savings, the best notice account is offering 4.55%* on its 90-day term deal and the next best one is paying 4.20%* on a 120-day term.
You can currently get a top rate of 4.50%* on a 6-month fixed rate account, or 4.53%* on a 3-month deal.
Advising clients on savings might not be the most exciting part of your job (or the biggest direct moneymaker), but it’s a key way to build trust and demonstrate long-term value.
If your goal is to provide atruly holistic service, advising on savings is a must. It shows you care about clients’ total financial wellbeing, not just their investments.
Plus, from a consumer duty perspective, helping clients’ optimise their savings is not just good practice- it’s part of delivering better client outcomes.
With new deals constantly appearing and disappearing, keeping track of rate changes can feel like a full-time job.
But you don’t have to juggle it all yourself. The Akoni platform lets you easily and conveniently manage your clients’ savings, so you can focus on giving advice.
Simply open one account for your client and get access to over 110 FSCS-protected, top-paying instant access,notice, and fixed-term accounts.
Research, manage, open and switch between deals quickly and seamlessly.
*Rates correct as at 13.12.2024
Ready to make managing your clients’ savings easier? Let Akoni take the hassle out of rate hunting so you can focus on what matters - building lasting client relationships. Start simplifying savings management today.
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