FundsNetwork claims its interest rates are the most competitive in the market for any platform-based cash account at Bank of England base rate minus 0.4 per cent.
The account will be linked to the client’s current account and FundsNetwork claims it will evolve to become compatible with customer agreed remuneration.
There are no set up fees, ongoing fees and interest is accrued daily and paid on a quarterly basis.
Head of Fidelity FundsNetwork David Dalton-Brown says: “The account’s design is a response to the opportunities and challenges currently facing advisers and will evolve over time with their needs, as well as the platform itself and the changes within the wider industry.”
He adds: “Central to our development plans is helping advisers tackle the implications of the Retail Distribution Review. One aspect of this is that adviser remuneration must be separated from choice of product – the CashManager Account will be integral to providing that facility.”