Wealth manager St James's Place (SJP) has expanded its online cash management platform to clients with £50,000 to save and made it available across its 4,000 adviser network.
The company launched the service in 2017 after partnering with fintech company Flagstone. It actively manages clients' cash deposits by seeking the best interest rates. Previously it was available to corporate, charity and private clients with a minimum £250,000 deposit.
The service gives clients access to over 550 deposit accounts from over 30 banks and building societies, both high street and challenger brands.
Being able to manage cash holdings efficiently is fundamental to the needs of our clients"
St James's Place joint chief operating officer Iain Rayner said: "Being able to manage cash holdings efficiently is fundamental to the needs of our clients. Through Flagstone's market leading cash platform, St James's Place clients are able to access a huge range of accounts from an extensive panel of banks and building societies, enabling them to manage their cash deposits at the click of a button."
SJP, which has over £109bn in funds under management, said clients will benefit from the potential for high interest income and manage risk by splitting deposits between different custodians. The FSCS limit is £85,000 per account, so divided cash between different banks means there is a greater chance to protect the clients cash.
The offering has now been rolled out to all 4,096 SJP advisers to make available to their investment clients - up from 3,415 when it started.