Brokers members of the savings club can now arrange Scottish Widows Bank’s eCash ISA, its Direct Transfer Account and its one-year fixed term deposit account.
Scottish Widows Bank will pay 0.05% in ongoing commission on a quarterly basis on the balance of accounts opened, giving brokers a long-term income.
Gordon Bowden, business development director at Scottish Widows Bank, says: “We’re delighted to be able to offer our products through the eMoneyfacts Savings Club and to allow more brokers the chance to conduct savings business with us and earn much needed commission.”
Ed Payne, head of eMoneyfacts, says: “Over 300 members have signed up to the club so far and brokers have shown that when they are supported by a specialist distributor, they are ready and willing to do business in the market.”
The club says it is also in advanced negotiations with a number of other savings providers.