The eMoneyfacts Savings Club is to launch tomorrow, Tuesday 10 March, and is open to regulated users of the eMoneyfacts.co.uk. The club will initially operate a pilot with Yorkshire to assess the appetite of Intermediaries to write savings business with the building society, offering a two-year Fixed Rate Bond product with an interest rate of 3.1 per cent and the option of monthly or annual interest payments.
eMoneyfacts head Ed Payne says: “Intermediaries are researching savings products for their clients already and this distributor will allow them to earn commission from arranging products in this market.
“Whilst we are launching with Yorkshire, we are currently in advanced discussions with other product providers who will shortly be joining our panel. This is a brand new initiative and the beginning of a brand new market and we would welcome discussions with other providers that are interested in supporting the club, supporting intermediaries and giving customers the chance to do business with them via intermediaries”
Yorkshire head of mortgages and savings Chris Edwards says: “We have chosen to launch this new product with eMoneyfacts because of their significant distribution network of over 15,500 users. We see this as a positive move for intermediaries which will help provide some much needed income in a period of stagnation in the mortgage market.”
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