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Standard Bank aims for small companies

Standard Life Bank is usingIFAs to target small business accounts after

claiming firms are losing more than £1bn a year because of poor

interest rates.

The bank is offering a 10-day notice phone business savings account after

its research found poor deposit account rates were the main cause of loss

in savings for businesses.

The research showed the average business savings account, which offers 30

days or less notice, pays 3.04 per cent gross on a balance of

£15,000. Standard Life Bank&#39s account will offer 5.46 per cent gross

on the same sum.

The new account has a minimum deposit of £1, there are no day-to-day

charges, no limit on withdrawals andinterest can be paid monthly or yearly.

IFAs will receive 0.5 per cent of the opening bal-ance for all new

accounts that they set up.

Director of sales and marketing David Macmillan says: “Business savings

rate in the UK are shockingly low and more often than not the fault lies at

the doors of high street banks. I don&#39t see why people would go back to


“We deal with small businesses and charities and our pension fund trustee

custom in particular is growing – it is a huge market which has not really

been addressed by the big banks.”


IFA claims Friends is poaching his clients

A Swansea IFA says Friends Provident is trying to poach his clients againdespite his demand that the company takes them off its mailing lists.Hartley Greatbatch & Co IFA Keith Lewis is angry that one of his clientshas been invited to one of Friends&#39 inheritance seminars although he askedthe company to remove his client&#39s name after […]

Tories and LibDems back call to scrap rules on with-profits

The Opposition has called on the Government to scrap the stakeholderwith-profits regulations, backing industry claims that with-profits hasbeen effectively outlawed.The Tories and Liberal Democrats claim the low- to medium-risk nature ofwith-profits policies make them attractive to clients.With-profits will be allowed under the stakeholder provisions but policiesmust be ring-fenced, preventing the cross- subsidisation which providesthem with […]

Axa launches funds to be managed by other companies

Axa Investment Managers has launched four unit trusts which will invest in funds by rival fund management companies. The “MultiManager” unit trusts will be run by Simon Wood, a senior fund manager with Axa. They are the Global Opportunity, Growth, Income and 2020 funds. The growth opportunity and growth trusts will aim to achieve capital […]

Expatriate healthcare specialist Morgan Price International Healthcare

Expatriate healthcare specialist Morgan Price International Healthcare has introduced the first international healthcare cash plan for expats to fill the gap in the market between private medical insurance and no cover at all.Expat Medi-Cash Plan is a standard plan with six out-patient benefits that contribute towards the cost of routine optical and dental treatment, physiotherapy […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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