AJ Bell launches new Cash savings hub

Andy Bell
29 September 2020

AJ Bell, one of the UK’s leading investment platforms, has launched a new Cash savings hub via its AJ Bell Youinvest platform for retail investors.

The key benefits to savers of the AJ Bell Cash savings hub are:

●    Ease of use – savers can browse a wide range of savings accounts in one place and open as many as they like from a range of UK authorised banks. 

●    Competitive interest rates – customers can choose between fixed term or notice accounts offering competitive savings rates over a variety of time periods, helping them improve returns from their cash savings.

●    Free to customers – AJ Bell is paid by the banks, not customers.

●    Peace of mind – savings via each bank are covered by the Financial Services Compensation Scheme up to £85,000.

An AJ Bell Cash savings hub can be set up online in only a few minutes and savings accounts applied for immediately, with no paperwork required. The hub contains a filtering tool and calculator so customers can evaluate the fixed-term and notice accounts available before investing.

Once opened, the savings accounts can be viewed alongside each other and alongside any investments held in other accounts with AJ Bell.

When a savings account matures, customers have two options:

1.    Move the money effortlessly into another fixed-term or notice account available via the Cash savings hub.
2.    Withdraw the money to their nominated bank account

The AJ Bell Cash savings hub is available to both existing and new customers of AJ Bell Youinvest. There are currently 26 savings accounts to choose from six banks and this range will be expanded as the service grows. 

The launch comes at a time when NS&I is planning to slash interest rates on some of its most popular accounts to 0.15% or 0.01%. The best one-year fixed term rate available via the AJ Bell Cash savings hub at launch is 1.26%. The full list of savings accounts and rates available can be found via the AJ Bell Youinvest website.

Demand for the new service is high with 85% of AJ Bell Youinvest customers surveyed* saying they are interested in the AJ Bell Cash savings hub. They were most attracted to having access to a range of competitive interest rates from FCA regulated banks and full FSCS protection. Of those customers that don’t actively manage their cash savings, the majority said it is due to lack of time and the hassle involved, with interest rates being so low.

Andy Bell, chief executive of AJ Bell, says:

“The Coronavirus crisis has shown just how important it is to have cash savings set aside but with interest rates so low, savers have to work hard to get a competitive rate. Scouring the market and switching accounts regularly is time-consuming and a large majority of customers we questioned welcomed the ease of doing this using our Cash savings hub.

“The Cash savings hub will make it easy for people to generate better returns from their cash savings by providing access to a range of accounts offering competitive interest rates via one simple service. Savings with each bank will still benefit from the FSCS protection up to £85,000 and there will be no need to go through a lengthy application process each time a new account is opened. No form filling, no paper-work and all completely free to use.

“Customers will be able to see their cash savings alongside their investments if they have other accounts with AJ Bell, providing a single view of their savings and investments in one secure place.”

*Over 1,000 AJ Bell Youinvest customers were questioned via an online survey.

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