Cash Management
With Ascentric, you can be sure your clients’ money is deposited safely and effectively. We place client money held in the Deposit, Income, and Reserve accounts with up to eight regulated deposit takers chosen for their financial strength and good interest rates.
These banks are currently HSBC, Lloyds, Barclays, Santander, RBS, Bank of Scotland, Nat West and Coutts.
Our aim is to tie the rates in the table below to Bank of England Base Rate. These rates normally change on the Monday following a base rate change. As the rate of interest secured by Ascentric depends on other factors, particularly LIBOR, the relationship between Ascentric interest rates and Bank of England Base Rates is not guaranteed.
|
Interest Rates (last updated 30/04/2010) |
|
Balance |
Rate |
|
£0 - £49.999 |
0.05% |
|
£50,000 - £149,999 |
0.25% |
|
£150,000 - £249,999 |
0.40% |
|
£250,000 and above |
0.65% |
Important points to consider
The following shows how we calculate the interest due:
-
We add the cash balances in the Deposit, Reserve and Income accounts together within each wrapper in a client portfolio
-
This sum is then used to determine which interest rate applies, using the above tiers
-
Interest is calculated daily and applied to a client account on a monthly basis
We earn a margin on the interest received on client monies. This margin depends upon the aggregate interest paid to clients and the interest rate received from banks with whom we deposit client monies. The average interest rates paid to clients and the prevailing rates change on a daily basis.
For more information please contact us on:
0845 600 5360
In the unlikely event of a bank failure, the Financial Services Compensation Scheme (FSCS) guarantees up to £85,000 per bank for each client. To offer maximum protection, deposits would need to be divided equally between the above banks. However, in order to secure a competitive client interest rate, this cannot be guaranteed.
Please note, the £85,000 protection covers a client's total holding with a single institution and also includes holdings off the platform.