The eMoneyfacts Savings Club will allow intermediaries to arrange savings products for their clients and receive commission. The club launched this week and is open to regulated users of the eMoneyfacts.co.uk adviser portal.
The club will initially operate a pilot with Yorkshire to assess the appetite of intermediaries to write savings business with the Yorkshire, 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.
Head of eMoneyfacts Ed Payne says the new club is in advanced discussions with other providers. He says: “We would welcome discussions with other providers interested in supporting the club, supporting intermediaries and giving customers the chance to do business with them via intermediaries”
London & Country mortgage expert David Hollingworth says: “It is hard to get savings products to the market right now, so advisers will be open to any idea that gives them access to new products and new revenues.”