Using the Bank of Scotland’s Guaranteed Fixed Deposit Account and Corporate Bonus Account, financial advisers can now offer their corporate clients access to two deposit accounts to take care of surplus cash either for a fixed term or where instant access is required. Both accounts are also available for financial advisers own use. The interest rates payable are guaranteed to beat the printed standard business deposit rates from the ‘Big Four’ banks.
Features of the accounts include:
Guaranteed Fixed Deposit
- Interest rate fixed at outset and guaranteed for the whole term selected irrespective of changes in the markets during the period.
- Rates linked to money market rates
- Seven different terms available; 1,2,3,4,5,6 and 12 months
- £50,000 minimum deposit value
- Available to a wide range of bodies, from charities and trusts to partnerships and limited companies, but not individuals
Corporate Bonus Account
- Competitive stepped rates of interest paid
- Bonus rates if funds left untouched for 30 days and 60 days
- Rates track base rates
- Instant access account
- Interest reverts to the standard rate and the qualifying period is reset if a withdrawal is made
- Minimum deposit £1.00
- Available to a wide range of bodies, from charities and trustees to partnerships and limited companies, but not individuals
Both accounts can also be used by financial advisers as well as with their corporate clients.
Commenting on the new service, Charles Evans, Head of Market Development at Clerical Medical said, “Making such competitive deposit accounts available to financial advisers and their customers is further proof of the benefits of doing business with a larger integrated financial services group. These latest products are part of our Advice Matters intermediary support programme, which combines practical and relevant support for financial advisers. The new accounts are yet another tool for financial advisers to work with their corporate clients across a wide range of business needs. And the adviser can also make use of the accounts in their own business.
“We believe it is vital that financial advisers have access to a growing range of ‘non traditional’ products to expand their business opportunities and add value to the service they offer their clients.”
