Initially the club will offer three different accounts to intermediaries via the club: an E-Cash ISA with an interest rate of 2.10 per cent, a one-year fixed term account paying 2.75 per cent and a direct transfer account at 2.10 per cent.
Intermediaries will receive 0.05 per cent on the average balance once a quarter, paid in arrears.
eMoneyfacts Savings Club was launched in March with one pilot product from Yorkshire– a two-year 3.10 per cent fixed rate bond. eMoneyfacts says this has attracted significant business levels and has been positively received by the Intermediary community as they seek to diversify in this challenging market. It is currently the only specialist intermediary focussed source of savings product data in the market.
Scottish Widows business development director Gordon Bowden says: “We’re delighted to be able to offer our products through the eMoneyfacts Savings Club and to allow more intermediaries the chance to conduct savings business with us and earn much needed commission”
eMoneyfacts head Ed Payne says: “It’s wonderful news that we are able to add a provider to our panel of the quality and strength of Scottish Widows Bank. Over 300 members have signed up to the eMoneyfacts Savings club so far and Intermediaries have shown that when they are supported by a specialist distributor, they are ready and willing to do business in the market”
Payne says negotiations are continuing with a number of additional savings product providers who are interested in joining the Savings Club panel.