The eMoneyfacts Savings Club is to launch on March 10 and is open to all users of the eMoneyfacts adviser portal, provided they are regulated to give advice by the Financial Services Authority.
Commission is payable to brokers on each account they open with payments made by BACS via eMoneyfacts.
eMoneyfacts will handle commission payments and will also provide background information on lenders, details of product features and the relevant compensation schemes.
Initially the savings club will run a pilot with Yorkshire Building Society to judge broker demand.
The Yorkshire is offering a two-year fixed rate bond with an interest rate of 3.10% and the option of monthly or annual interest payments.
Ed Payne, head of eMoneyfacts, says there is clearly an appetite among brokers to attract savings business.
He says: “We have received over 30,000 hits on our savings pages by brokers in January alone.
“Brokers are clearly researching savings products for their clients already and this distributor will allow them to earn commission from arranging products in this market.”
Chris Edwards, head of mortgages and savings at Yorkshire Building Society, says: “We have chosen to launch this product with eMoneyfacts because of their significant distribution network of over 15,500 users.
“We see this as a positive move for brokers which will help provide some much needed income in a period of stagnation in the mortgage market.”
Payne says that eMoneyfacts is currently in advanced negotiations with other providers and lenders to join its panel.
He adds: “This is a brand new initiative and the beginning of a brand new market and we would welcome discussions with other providers that are interested in supporting the club, supporting brokers and giving customers the chance to do business with them via brokers.”