New Cash Management Service
With interest rates having risen 14 times since the low of 0.10% in March 2020, we now have a steadying of rates since August 2023 with the current rate being 5.25%. Savings rates from banks and building societies continue to look attractive compared to recent years.
The bank of England have increased interest rates in an attempt to combat rising inflation, and this certainly seems to be working as inflation has fallen from over 11% back in October 2022 at its peak to just over 4% now. This means that once inflation has fallen sufficiently it is likely the bank of England will start to reduce rates, with the introductory offer of higher interest savings accounts such as cash ISAs and fixed rate bonds also starting to fall.
Keeping too much money in your current account or easy access savings account could result in losing out on valuable savings rates available in short term fixed rate accounts.
We are delighted to announce that we have recently launched our new Cash Management Service (CMS).
By inputting your details, we can seamlessly provide you with a personalised report which recommends the savings accounts you can open to earn the highest return on you cash as possible, based on your own needs.
>The CMS is designed for those who hold more than £50,000 in cash savings. In order for us to produce a personalised report, we will simply require you to complete a short questionnaire confirming:
- Your existing savings accounts and current interest rates
- How much of your savings you require instant access to and how much you are prepared to tie up for a fixed period (1, 2 or 3 years)
- How you wish to open and manage your savings accounts (ie online, post, telephone or in branch) AND
- Whether you prefer interest to be paid annually or monthly.
Your report will then provide a clear comparison of the amount of interest you are currently earning, and the interest you could earn within the new proposed account(s).
We have been thrilled to see how popular this new service has been over recent months and can report that we have been able to earn our clients on average an extra £2,598 of interest per year.>
If you would like to take the hassle out of sourcing your own cash savings accounts and think our CMS could be of benefit, please contact Jo Noon on jn@cockburnlucas.co.uk or Rebecca Hoe on rh@cockburnlucas.co.uk.