As the economy continues to battle the financial crisis triggered by the coronavirus, rates continue to remain at an all time low, with no signs of improvement. This has disproportionately affected savers, especially those who have large amounts of sitting cash.
At Akoni, we believe in providing a customer- centric service, developing our offering to meet particular needs . That’s why we have pivoted and introduced some new initiatives, specifically to help our IFA partners and their clients through this time.
We understand saving has become harder in the current climate and wanted to help our clients save with a purpose. That's why we have introduced Kick-start cash. Kick-start cash allows for your clients to have their first 6 months fees discounted to just 0.10%. Available for all clients onboarded and with accounts opened and deposits made between 1st November - 20th December 2020. This represents a 50% discount on the standard 0.20% charge.
Your clients will benefit from reduced fees and brand new tiered pricing structure, as long as they are registered, onboarded and have deposited their cash on the platform by 20th December, they will benefit from the initial discounted rate.
New tiered charging structure
Clients will pay a minimum fee up front of £50 inclusive of VAT but will benefit from the 10bpts (lowest price point) for the first 6 months regardless of investment amount. After 6 months pricing reverts to the relevant Tier for that Client.
Instant Access Pricing
As you know, our mission is to ensure everyone has access to market leading savings. In this low interest rate environment, Akoni is committed to ensuring client value. With this in mind an area that we wish to address is the value offered from instant deposits accounts.
Instant Access Fee reduction solution:
Whilst our headline instant rates of 0.10%- 0.20% are advantageous over the main high street banks, we understand that once the platform fee has been taken into account this benefit is negated, and we have a solution for clients in this respect.
What is changing?
From 1st November 2020, any instant access accounts that pay 0.20% or less will incur a zero cash under management fee for a period of 6 months* or until the rate increases above 0.20% if earlier, for deposits up to £85,000 in any client portfolio. This means clients will incur no additional costs on these accounts.
When taking into consideration our Instant Access terms along with the Instant Access Kickstart Cash together with our previous Kickstart Cash with 50% discount for new cash placed before the 20th December 2020 provides a compelling proposition for clients seeking cash as a safe harbor.
By taking this prudent step we are supporting clients so that they can enjoy the maximum benefits offered via our market leading platform.
It removes the need for clients to keep their instant deposit accounts separate to the platform and ensures value is offered across every account type on our platform.
Fairness and value
Our charges are already amongst the most competitive in the market, however by taking this step in supporting our Financial Advisor firms and their clients we ensure that Akoni provides your clients with the most cost effective and value proposition of any UK cash platform.
Note: Individual clients still pay a minimum annual commitment fee of £50 inclusive of VAT. This will be offset against their ongoing platform fee. Businesses pay a minimum annual commitment fee of £100 plus VAT, again this will be offset against their ongoing platform fee. (Note this is representative of the higher costs the platform incurs for onboarding and administering businesses)
Instant deposit accounts with a rate of 0.20% or lower will incur no additional platform fees. All other accounts continue to fall under Akoni’s ongoing tiered charge structure Akoni is an award winning UK cash platform and marketplace working with Advisers, businesses and individuals. Contact us firstname.lastname@example.org
*Valid 6 months from the 1st November 2020. Akoni reserves the right to alter charges at any time.
Find out more about Akoni: Akoni is an award-winning UK cash platform, which provides a marketplace to IFAs, financial advisors and wealth managers through a bespoke white-label offering, or off-the-shelf offering. Akoni uses innovative technology to personalise cash planning solutions for clients, and also provides a full API solution to banks and insurance clients.