UK wealth firm St James’s Place (SJP) has offered its online cash deposit platform to clients with a minimum of £50,000 ($60,995, €55,070).
SJP has now rolled out the offering to all its 4,096 qualified advisers to make it available to their investment clients.
It was previously only available to private individual, SME corporate and charity clients with a minimum of £250,000 to deposit, however it will now also service private individual UK-resident and domiciled clients with a minimum of £50,000 in savings.
The platform was unveiled in 2017 in conjunction with London-based fintech Flagstone.
Iain Rayner, joint chief operating officer at SJP, said: “Being able to manage cash holdings efficiently is fundamental to the needs of our clients.”
Offering
It provides online access to over 550 deposit accounts from more than 30 UK banks and building societies, including both high street and challenger brands.
The platform enables personal clients to open multiple deposit accounts with different banks and move their money seamlessly between these accounts, without any additional application forms or paperwork.
St James’s Place clients with a deposit of between £50,000 and £250,000 can access fixed term accounts, while those with at least £250,000 can access instant access, notice and term deposit accounts.
“The benefits of using the online platform are the potential for higher interest income and the ability to identify and manage risk by diversifying deposits between different banks,” the firm said.
“This diversification also increases the protection that client deposits are afforded collectively by the Financial Services Compensation Scheme.”
