UK finance firm Scottish Widows Bank has launched a direct transfer savings account that will be made available to clients through the intermediary market.
The new account offers clients a competitive rate of 5% AER on all balances, while advisers can simultaneously earn 0.2% annual commission of the overall client balance, which will be paid in quarterly installments. Commission payments will be made on this basis for the lifetime of the client’s balance.
Richard Clark, head of product development and marketing at Scottish Widows Bank, said: This new savings account is aimed at benefiting both clients and advisers. It will offer clients a consistently high rate of interest and is ideal for any savers who like access to their money at any time. It also offers advisers an attractive rate of commission and a steady income stream.
Under the terms of the product, the minimum balance held in the bank account is GBP100, while the maximum balance accepted is GBP1 million. The minimum amount that clients can transfer is GBP100; all transfers are free of charge, provided three business days notice is given.