A new online savings platform serving as a one stop shop for savers has just been set up. The founder is former Credit Suisse and Barclays executive, John Sutherland.
The platform will allow savers to transfer money or spread large savings across deposit takers to make sure they are covered by the Financial Services Compensation scheme.
The platform will give savers a sole account and log in where they can hold and transfer savings across a multitude of accounts and deposit providers.
Initially 11 accounts will be available from four providers which are all building societies. They are the Cambridge, Saffron, Progressive and Hanley economic building societies.
A New One Stop Shop For Savers Online
At this stage the accounts don’t offer market leading interest rates, however the platform, which is called Grosvenor is in talks with eight other building societies to make their accounts available within the next month. It is hoped that there will be more than twenty providers by the end of the summer.
At launch, this weekend, 11 accounts will be available from four mutual providers: the Saffron, Cambridge, Progressive and Hanley Economic building societies. Only two of these accounts offer market-beating rates, but Governor says it is in “advanced discussions” with eight other mutuals about making their accounts available on the platform in the next month – and claims that savers will be able to choose from more than 20 providers by the end of this summer.
Savers can visit governormoney.com for more information about opening an account.
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Do you have any more information how this platform for finding the best online savings account is coming along. It looks interewsting. Mack