Leading UK wealth management firm, True Potential, today announces the launch of its Cash Savings service, helping clients achieve better returns on cash holdings and bringing their overall savings and investments portfolio into a single view.
Cash savings play an important role in achieving long-term financial and life goals as part of a broader wealth plan. However, Bank of England figures show that more than £300 billion is sitting in accounts earning no interest in the UK. Based on this figure, and the average instant access savings rate of 2.11% (including bonus), this could equate to around £6.4bn in potential returns being lost each year in a higher interest rate environment.
To combat this, the True Potential Cash Savings service aims to make switching to competitive rates easier by giving clients access to a range of easy access, notice and fixed term savings products from a panel of leading UK banks.
Developed in association with Bondsmith, the easy-to-use service will allow clients to manage and monitor cash savings alongside existing investments – unlocking better returns while bringing cash into the heart of long-term financial planning.
“Clients often hold cash for good reasons, such as flexibility, short-term goals and peace of mind. But, that doesn’t mean it should sit idle.
“True Potential Cash Savings makes getting better returns easy, while ensuring cash plays a prominent role in a client’s overall financial plan. With a single application, clients can open multiple accounts, move money easily and stay on top of their savings – helping them diversify across banks and maximise FSCS protection.
“For advisers, the impact is equally significant. Cash, which is often held outside the advice ecosystem becomes visible, trackable and actionable. That creates a natural starting point for deeper conversations, stronger relationships and better financial outcomes.”
Jamie Sexton, Chief Client Officer
The True Potential Cash Savings service provides safe and simple online access to savings accounts from more than 20 UK banks. It enables clients to manage multiple accounts to grow and protect cash savings without any additional application forms or paperwork.
