A firm can have a large amount of money sitting in a single bank account earning little interest. We would recommend diversifying the funds across several banks to mitigate the risks of bank failure and therefore complete loss of the full amount if your bank goes bust.
Several Wealth Managers were not aware that as a financial institution, any regulatory capital cash may not be protected under the FSCS and therefore can be needlessly exposed to bank failure.
A deposit of £1 000 000 in a 31 day notice corporate account will receive £13,000 in interest at current rates.
We can help you manage the funds going forward, ensuring that you have the liquidity you need, whilst earning a better interest rate for the cash amount. Let us know if you would like to set up an account.