The once lucrative mortgage market has contracted. A year ago intermediaries had access to 72% of deals; today that has reduced to just 33%.
To assist intermediaries, eMoneyfacts launched its Savings Club, offering them the opportunity to earn commission when advising customers on how to find a competitive home for their money.
The demand for savings products has increased by 35% in the last year. Savers have become fully aware of the need to review their savings arrangements, after a string of base rate cuts left many with their money invested in accounts paying rates as low as 0.10%.
Since its launch in March 2009, six providers have moved to offer a selection of savings accounts through the eMoneyfacts Savings Club, including: Newcastle BS, Principality BS, Scottish Widows Bank, Skipton BS and Yorkshire BS with further providers being added in the coming weeks.
Ed Payne, Head of eMoneyfacts, commented:
"By offering a more complete package to their customers, intermediaries can help their customer retention by sorting all their financial needs.
"The eMoneyfacts Savings Club is the only place where intermediaries can earn commission, while giving their valuable advice to savers on a selection of the best deals on the market.
"Intermediaries can access a wide range of products through the Savings Club, including easy access account, fixed rate bonds, ISAs, structured products, SIPPs and business accounts.
"Savings rates have plummeted with base rate and many high net worth customers with significant savings are looking for new homes for their money. Intermediaries can really take advantage of the upturn in demand for savings accounts, by offering their customers competitive deals.
"Around 500 intermediaries have already signed up for the scheme, with more coming on board each day.
"With a number of intermediaries moving to fee based commission, they are now being supported by providers who are allowing them to rebate commission back into the policy to offer improved terms to the customer."
