AJ Bell has added the market leading savings rate of 2% AER fixed for 5 years from QIB to its Cash savings hub on the AJ Bell Youinvest platform. The account requires a minimum deposit of £1,000.
AJ Bell’s Cash savings hub makes it easy for people to manage their cash savings in one place. The key benefits to savers 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.
Laura Suter, head of personal finance at AJ Bell:
“Lots of people have saved diligently but have left their cash in their current account earning pitifully small amounts of interest, but it only takes a few minutes to move that money to a better paying account. Cash rates have been low for a while, but there has been a small rates war in the market, driving interest rates up, meaning now is a great time to shop around and find the best rate for you. Someone with £5,000 saved will get 50p of interest a year if they leave it in their current account earning 0.01% a year, where moving it to a 2% rate means you’ll get £100 in interest each year.”
*Annual Equivalent Rate – helps to compare the interest or profit earnt in a year in different savings accounts
