View more on these topics

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.

Recommended

US auction firm to launch into UK

America’s leading real estate auction company is to launch its auction business in the UK market at the end of March.

Look East and pray China pulls through

Will US President Barack Obama’s massive economic rescue plan lift the world out of the slump? While the UK slides into the unknown with a programme of quantitative easing, the smart eyes are not looking to the West but the East.

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?

Newsletter

News and expert analysis straight to your inbox

Sign up