Treasury and Cash Management
Dewhurst Torevell is one of relatively few IFAs authorised to hold client cash deposits and have had the facility to open separate, segregated client bank accounts with Barclays Bank for some time.
Over recent years we have expanded this to include links to a number of other financial institutions. In many cases we are able to deal with banks directly and can substantially reduce the amount of administration involved.
The rates of interest payable on our Client Subaccounts will generally be higher than the standard rates on offer from Barclays Bank. The rate payable is linked to Barclays Bank Base Rate and depends on the amounts held on deposit. The current rates are set out below.
Current indicative interest rates on offer are:
As at 5th May 2010
Institution Account Description Notice Period AER Notes
Barclays Bank Designated Account Instant 0.25%
Cater Allen Current Account Instant 0.50%
Investec
Private BankDirect Reserve 30 Days 2.00% £50,000 - £100,000
Investec
Private BankPension and Trust reserve 30 Days 2.50%
£100,00 - £500,000
Scottish Widows Bank Direct Transfer Account Instant 2.01% 2.70% first 12 months
Standard Life Bank Business Premium
Direct AccessInstant 1.72%
Standard Life Bank Business Premium 10 Days 2.00%
Bespoke Cash Management
For cash deposits in excess of £100,000 we can also offer additional treasury services. These include access to selected deposit accounts, term deposits and money market funds. Our fee for this service is typically 10 basis points of the amounts held (0.1%), subject to a minimum of £150 per annum.
If you require further information on our Treasury and Cash Management services please contact us.