Willis Owen has launched Smart Savings in partnership with the fintech cash savings service Raisin UK.
The collaboration will provide Willis Owen customers with access to Financial Services Compensation Scheme-protected cash savings.
Willis Owen will enter into the UK retail cash savings market, worth an estimated £700bn ($869bn, €775bn).
The first phase of the partnership will allow Willis Owen customers to compare and choose from a range of accounts offered by Raisin’s European partner banks, all managed from within the Willis Owen Smart Savings Account.
This will allow customers to manage both their savings and investments portfolios.
Challenging
Jason Chapman, managing director at Willis Owen said: “It has been a period of unprecedented upheaval and uncertainty for savers and investors as the world has responded to the major challenges posed by coronavirus.
“The UK’s base rate of interest has been cut to a record low of 0.1% and global stock markets have suffered following the worldwide economic shutdown.
“In such challenging times, it’s important that savers and investors find the best possible home for their money now and in the future.
“Often, making the most of your cash savings is a gateway into investing which opens up the possibility of making your money work even harder in the future too if, and when, you are ready to do so.
“We hope Smart Savings will be the start for many novice investors to take the plunge. We are here to help people to build their financial resilience and start planning for a brighter financial future.”
