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New loan service bypasses MCCB Bond deals from Capital One

US-based personal lending operation Capital One will be distributing its savings products through IFAs for the first time from this autumn.

The company told the convention that it plans initially to target IFA clients only through Bankhall members but will be looking to expand its IFA distribution through other firms in the longer term. Capital One, which launched as a bank last September, will be marketing a range of fixed-rate and base-rate-plus bond savings accounts through IFAs.

The bank is paying 0.5 per cent commission on one-year fixed-rate bonds, 1 per cent commission on two-, threeand four-year bonds and 1.5 per cent commission on five-year fixed-rate bonds. It said its products should be attractive to IFA clients as its fixed-rate bonds pay up to 6.2 per cent gross annual equivalent rate and its base rate plus bond pays 5.5 per cent.

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