In our ever-changing world, a common question our clients ask is: “Are my cash savings working as hard as they could be, and are they properly protected?”
With this in mind, it should be noted that many savers are faced with a trade-off between securing the best interest rates and ensuring their money is safe. However, this often leaves significant sums in one place and exceeds Financial Services Compensation Scheme (FSCS) protection limits.
So the question stands… what if you could achieve both without the hassle of opening and managing multiple accounts?
Well, at Moneytree Wealth Management, we’re excited to inform you that it is indeed possible, specifically with the powerful solution: CashHub MultiBank. This innovative platform, offered through our partner Quilter and powered by Bondsmith, fundamentally changes how you manage your savings. Designed for people who want to save for the short term, you have seamless access to numerous banks, enhancing your protection and securing competitive interest rates, all from one central hub. Read on to discover how it works and why it could be the most important step you take for your financial peace of mind this year:
The Challenge for Modern Savers
Holding a healthy amount of cash is a cornerstone of any solid financial plan. It provides liquidity for emergencies, opportunities and planned expenses. However, managing that cash effectively comes with two main challenges:
- Safety: The FSCS protects your deposits up to £85,000 per person, per banking institution. If your cash savings exceed this amount in a single bank, any funds above the limit are not protected in the event the bank fails.
- Returns: Achieving competitive interest rates often means constantly “rate shopping” and moving money between different banks — a time-consuming and often complicated process.
And this is where CashHub MultiBank comes in, as it is designed to solve both of these problems simultaneously.
How CashHub Delivers More Protection
The core strength of CashHub lies in its intelligent “multi-bank” structure. Instead of holding all your savings with one institution, this platform allows you to effortlessly spread your cash across a panel of carefully selected UK banks.
For example:
You have £250,000 in savings, and you can allocate it across three different banks within the CashHub platform. Here, each portion of your savings would fall under the £85,000 FSCS limit, ensuring your entire £250,000 is protected.
It’s a simple yet incredibly effective strategy for maximising your financial security without the administrative burden.
Achieving Higher Interest with Less Effort
Through our partnership with Quilter, CashHub provides access to a range of savings accounts with competitive interest rates from various banks, which are listed here.
With this list, it means you no longer have to spend hours searching for the best deals!
The platform pools the best available rates in one place, allowing you to choose the accounts that best suit your goals. It removes the friction of opening new accounts and transfers the power back to you, ensuring your cash is always working hard to generate a better return.
A Seamless Part of Your Financial Picture
As your dedicated financial advisers, we believe in a holistic view of your wealth. And one of the greatest advantages of CashHub is its seamless integration with the Quilter investment platform, which brings two key benefits:
- Complete Visibility: You can view and manage your cash savings directly alongside your other investments, giving you and us a clear, comprehensive overview of your entire financial situation through a single login.
- Reduced Charges: The value of the savings you hold within CashHub can be used to offset the platform charge on your Quilter investments, a unique feature that helps reduce your overall costs.
Is CashHub Right for You?
At Moneytree Wealth Management, our role is to bring you the best tools and strategies to help you achieve your financial goals with confidence and peace of mind. We believe CashHub MultiBank is a superb solution for clients who wish to enhance the safety and return on their cash savings without sacrificing simplicity.
Not only that, but did you know that your family can benefit too?
With Family Linking, a multi-member family discount is included in your CashHub savings too! Everyone in your family can benefit from a one-tiered charging structure that is based on the value of all the products you hold on our investment platform, plus your CashHub savings. From here, the percentage charge reduces as your combined assets grow. Hence, the more money you have in total as a family, the lower the charge rate each linked family member pays.
Now if you want to learn more about how CashHub MultiBank could fit into your personal financial strategy, get in touch with us today, and our experts would be delighted to discuss your situation and show you how it works in more detail.
Contact my Moneytree Wealth Management adviser today at 01244 470 107 or info@moneytreewm.co.uk to start making my savings smarter and more secure!
Disclaimer: Cash on Deposit Advice is not regulated by the Financial Conduct Authority.
