Adviser platform Quilter has expanded its CashHub savings service with the launch of CashHub MultiBank.
Initially launched early last year for individual clients, CashHub allows advisers to view their clients’ cash savings alongside their Quilter platform investments.
The service now includes access to CashHub MultiBank, which will enable deposits to be automatically diversified across multiple banks. This significantly increases FSCS protection and offers a blended interest rate from a panel of UK banks, Quilter said.
Clients can benefit from FSCS protection of up to £255,000, or £510,000 for joint accounts, while maintaining ease of access, a single point of management and a competitive interest rate.
In addition, the CashHub is also now available to a broader range of clients, including corporates, trusts and charities. According to Quilter, advisers will benefit from enhanced value in their conversations with corporate clients as they gain visibility into cash holdings, allowing for more informed discussions about holistic financial planning.
As part of the expansion, bulk valuations will also be available. Savings within a CashHub account will be integrated into adviser client management systems, reducing the workload for advisers and enhancing efficiency.
Steve Gazard, chief distribution officer at Quilter, said: “Following the successful launch of CashHub for individual clients, we are thrilled to introduce the next stage of its evolution with the launch of CashHub MultiBank and wider eligibility for trusts, corporates and charities.
“These enhancements significantly boost protection for clients’ cash holdings and demonstrate our commitment to meeting the diverse needs of advisers and their clients, including corporate accounts.
“By providing a robust, integrated cash management solution, advisers have greater visibility of their clients’ cash holdings, enabling informed and holistic financial planning discussions. We are dedicated to continuously improving our platform to support advisers in delivering exceptional value to their clients.”
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