In less than 18 months, the Bank of England has made several interest rate hikes to combat higher inflation. Today, the Base Rate stands at 4.5% compared to 0.25% at the end of 2021. Subsequently, the rates on many deposit accounts have risen considerably.
The jury is out on whether the Bank will raise rates further (or even cut them) but many economists suggest that they are nearer their peak than not. Irrespective of how rates move, now is the perfect time to review your cash deposits to ensure you are making the most of the 1600% rise in Base Rate since its all-time low.
Access to cash
At the heart of Weatherbys financial planning service is a personal cash flow plan that helps you map out your financial requirements – and demonstrate how various scenarios might affect those needs. As part of your cash flow plan, we would always recommend that you have some cash at your disposal.
Everyone’s circumstances are different of course, but we suggest you have a core wealth pot of typically three months of expenditure up to whatever allows you to sleep at night. It is always an advisable idea to keep some cash in an easy-access savings account to cover emergencies – but we offer a range of deposit accounts to suit all of your needs, with some offering higher rates than others.
Our range of deposit accounts
Our fixed-term accounts pay a fixed rate of interest on your savings for a defined period; our notice accounts pay variable rates of interest but require you to give a certain amount of notice before withdrawing your money; and our instant access accounts allow you to access your savings at any time and from anywhere. We also offer loyalty accounts that pay higher rates of interest for those of you that have banked with us for longer.
Why Weatherbys for deposit accounts?
We are flexible
As with all our services, we are extremely flexible. For example, we can create an entirely bespoke length of fixed-term deposit account for you, while we can also lend you money using your deposit account as security if you need access to your cash before the notice period matures.
We make applications easy
Unlike many banks, we keep the forms for you to complete to a minimum. Simply get in touch to enquire about opening a deposit account of your choice.
Security is very important for depositors with savings above the Financial Services Compensation Scheme’s protection limit of £85,000. It’s why we maintain a strong balance sheet with a conservative loan-to-deposit ratio, which means we have far greater levels of deposits than we do outstanding loans. The majority of any surplus cash on our balance sheet is held with the Bank of England and can be accessed instantly.
We are highly competitive
We review our deposit rates frequently to ensure they provide a fair return to both our savers and borrowers. Following the last move by the Bank of England to increase the Bank Rate from 4.25% to 4.5%, we increased the rates on a selected number of savings products. This includes our 250 Day Notice Account that now pays 4.35% AER.
We offer value
As a private bank, we also focus on delivering value for money to our clients, which means more than just the rate of interest you get paid. We pride ourselves on providing exceptional personal service, which is evidenced by our net promoter score – an industry-standard gauge that measures customer loyalty and satisfaction – of 73. The banking industry’s average is 30.
Flexibility in action
Case study 1
One of our client’s 250-day notice account matured. They didn’t require the money for another two months but that was too soon to roll over for another 250 days. We created a two-month extension to maximise return – and match their needs.
Case study 2
Another client had £1m on a 12-month fixed deposit that was not due to mature for several months. An unforeseen property purchase meant they wanted to access £300,000. We agreed to lend the client the £300,000 needed, secured against their deposit account at 0.99 per cent over Base Rate, to be repaid when the account matures.
Our deposit accounts
Click here to view our latest deposit accounts and rates.