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Axa Elevate offers fixed-term deposits

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Axa Wealth has launched a fixed-term deposit service on the Elevate platform.

The fixed-term deposits are supplied by private banks Cater Allen and Bank of Ireland and are held at a fixed- interest rate.

The deposits will have rates of up to 3.9 per cent for a three-year investment.

Elevate says it plans to add other deposit providers to the platform over the next few months.

Fixed-term deposits are now available through the Elevate general investment account, Elevate pensions investment account, offshore bond and third-party accounts.

Axa wealth managing director of marketing and distribution David Thompson says: “During times of market volatility, clients will often exit equity markets or move their portfolios into cash accounts or to traditional cash deposits. By giving up instant access to their cash deposit, clients can receive higher interest rates.”

Murphy Financial associate partner Adrian Murphy says: “This is a positive move and it is good to see Elevate catching up with some of the other platforms and offering fixed-term deposits. Cater Allen offers good rates and security.”

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