News in brief: Legal and General/ VitalityLife/ Canada Life
1 August 2019
Legal & General strikes deal with cash savings fintech Raisin UK
Legal & General has announced a partnership with Raisin’s Manchester-based fintech Raisin.co.uk, which will provide Legal & General customers with access to FSCS* protected cash savings accounts through the Raisin.co.ukmarketplace.
The first phase of the partnership will allow Legal & General customers to compare and choose from a range of savings accounts offered by Raisin’s European partner banks – all managed from a single account and login: the Raisin UK Account. This will allow customers to invest and manage their savings portfolios from the comfort of their own home with full control at their fingertips.
Legal & General’s Janine Menasakanian said: “Investing has an invaluable place in any savings strategy because of the opportunity for greater returns in the long-run, but we do recognise an immediate need to access higher rates for cash savings so our customers can meet short-term goals. Through our partnership we can offer the competitive rates that Raisin has negotiated while working collaboratively with a like-minded, forward-thinking business. Our relationship with Raisin is one of many we hope to commit to going forward”.
VitalityLife has launched a new online solution to make it quicker and easier for adviser firms to place protection plans in trust.
The online process eliminates the need for written signatures and allows a trust to be set up a trust as part of the protection application using VitalityLife’s Adviser Hub self-service portal. The solution is available for all new Personal and Business Protection plans.
There are a number of benefits to placing protection plans in trust:
Canada Life reduces Lifetime Mortgages rates
Canada Life has reduced the rates on four of its Lifetime Mortgages products – Interest Select Gold, Interest Select Platinum, Voluntary Select Gold and Voluntary Select Platinum – by 25 bps.
Products in the Interest Select Options range allow customers the ability to pay either some, or all, of the interest, for between five years and the total life of the loan. They also allow customers the opportunity to stop the interest payments and convert the loan to interest roll-up.
The Voluntary Select Options range allows customers to make voluntary payments of up to 15% of the initial loan amount each year, without incurring an early repayment charge. It offers customers the opportunity to decide when they want to make payments, how much they’d like to pay and how often.
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