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Edeus launches two saving products with Newcastle BS

Edeus has launched two savings products with Newcastle Building Society which includes a guaranteed minimum return account.

The firm is also offering a 50:50 balanced FTSE account. Both savings products, introduced through Edeus, will give intermediaries a proc fee of up to 2.75 per cent of the deposit.

Edeus says that since none of the capital is directly invested in the money markets, 100 per cent of the capital deposit is secure. It says that intermediaries do not need FSA investment permissions or to produce a Key Features Document as the products are sold on an informed choice basis.

The Guaranteed Minimum Return Account offers index-linked growth for 5 years.

The 50:50 balanced FTSE account also offers index-linked growth for 5 years on 50 per cent of the capital invested, with the other 50 per cent deposited in an easy access account paying a fixed 7.50 per cent gross/AER for the first 12 months and tracking BBR for the remaining 4 years. 

The ‘FTSE Tracker Account’ also offers a Cash ISA option.

Edeus managing director Alan Cleary says: “The key to survival in the current market is flexibility and this move allows us to support mortgage intermediaries by providing an additional lucrative revenue stream. The 2.75 per cent proc fee could provide approximately as much commission on a £10,000 investment as would have been earned on a £100,000 mortgage.”

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