Introducing Quilter’s CashHub – A Smarter Way to Manage Your Cash Savings
The bedrock of good financial planning is to ensure you have sufficient emergency funds held on deposit.
Quilter’s platform has launched the CashHub, available for all platform account holders, giving you the option of holding those deposits in your Quilter platform account. Not only benefiting from competitive saving rates, but also potentially reducing the cost of the platform for any other assets held, such as your ISA or pension. Also available as a brand new deposit if you don’t have other funds on platform.
Below is an overview of the CashHub, together with a link to further information.
The CashHub
The CashHub is an online cash savings service distributed by Quilter and powered by Bondsmith, a financial technology company.
It’s a way for you to easily compare and apply for cash savings accounts with competitive rates of interest, with the additional benefit of being able to see your savings alongside your Quilter investments.
You can access the CashHub using your existing Quilter login, both on the online Customer Centre and the Quilter App.
From there you can:
- choose from a range of easy access, notice period and fixed term savings accounts
- apply for one or more accounts in a single transaction
- top up accounts and move money easily from one account to another
- withdraw money.
Any deposits held in the CashHub could help to reduce the platform charge on your Quilter investments and provide further discounts if your family members also want to save or invest through the platform.
Its purpose
The CashHub is intended as a home for a platform account holder’s short-term savings, such as funds you hold in case of ‘emergencies’ or where you’re saving for a rainy-day fund, that special holiday or maybe just next year’s ISA monies.
Financial Protection
All of the savings accounts are eligible for protection up to FinancialServices Compensation Scheme (FSCS) limits.
The maximum amount covered by the FSCS is £85,000 per person, perbanking licence.
If you already hold money in another account with the same bank/banking licence as one of the savings accounts or the holding account, either on or outside of the CashHub, this counts towards the total £85,000 compensation available to you from that bank/building society.
To be included on the CashHub, the banks and building societies must meet the minimum financial strength criteria set by both BondSmith and Quilter. Bondsmith also carry out comprehensive appraisals of the banks (such as their data security and risk management philosophy) to ensure that they are appropriate for inclusion in the CashHub.
Quilter may choose to give Bondsmith some additional criteria such as imposing additional credit quality checks or by considering maximum deposit levels in conjunction with FSCS protection levels.
Please note however, their inclusion in the CashHub does not constitute a personal recommendation or guarantee of their continued financial resilience.
Before making your choice – things to consider
There are some important things you should consider before making your choice, with some of these listed below.
· The CashHub is intended as a home for short-termsavings or specific deposit savings plans.
· Before you apply for a savings account you should consider the amount you’re looking to apply across accounts, the rates being offered and the financial strength of the banks and building societies providing them to be sure that you are happy with those that you choose.
· Independent credit ratings provide a guide to the financial strength of a bank or building society and, where available, you can find the credit ratings in the summary box for the bank or building society when comparing savings accounts.
Further information
You can find further information, such as details of the savings accounts currently available on the CashHub, useful ‘how to’ guides, and answers to frequently asked questions on Quilter’s website.
Please also feel free to contact your usual Riverfall adviser for further information.
