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Savings club will boost brokers’ income options

Brokers can now earn commission from savings products and encourage the flow of lending at the same time.

The newly launched eMoneyfacts Savings Club is open to users of eMoneyfacts’ adviser portal and is the first specialist savings distri-butor to come to the market.

The Yorkshire is the first provider to get on board, offering a two-year fixed rate bond with an interest rate of 3.10%. Interest can be paid either monthly or annually.

Ed Payne, head of eMoneyfacts, says: “We are launching with the Yorkshire but are also in advanced discussions with other lenders that will shortly join our panel.

“Our savings initiative represents the birth of a new marketplace and we’d like to talk to other providers that might be interested in supporting the club.”

Sole broker Roy New says the club is a good idea but has reser-vations about pushing for savings in the present low interest rate environment.

He adds: “The trouble is that the government has already knocked savings through the floor. If you talk to clients they will probably want to put their money into something other than savings.”

But Jonathan Clark, mortgage partner at Hampshire-based firm Chadney Bulgin, says: “Assuming rates are competitive this is another valuable line of income for brokers.

“It could be especially useful when clients are between properties and have the proceeds of recent property sales to be invested.”

The savings offering follows eMoneyfacts linking up with Gate-way2Finance to offer a personal loan application system for brokers.

Gateway2Finance operates a cascade system which links to the back office system of personal loan provider Black Horse Financial Services, a division of Lloyds TSB.

If clients can’t be placed they are farmed out to other providers until competitive deals are found.


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