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- Sidekick will pay 5.34% to investors who maintain investments on its platform
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New and existing clients of the Sidekick investment platform can now earn premium interest on cash.
Sidekick has increased the rate it pays for its easy access cash reserve account* at 5.34 percent.
This puts the competition out of business, as the next best easy-to-access deal on the market pays 5 percent. All other major easy-access deals pay less than 5 percent.
Investment platform Sidekick has increased the rate of easy access to cash reserves to 5.34%
The 5.34 per cent interest rate will be paid on any money customers hold as uninvested cash in Sidekick’s easy access account if they have at least £1,000 in investments.
With a deposit of £10,000, customers would earn £534 in interest.
How does it work?
To get the 5.34 per cent rate, you must invest a minimum of £1,000 with Sidekick in your investment portfolio.
Before you take the plunge on the savings deal, it’s worth noting that the money invested in Sidekick can go up as well as down, so you’ll need to be comfortable with the risk and understand that it could affect the interest rate on the cash.
The underlying cash reserve account rate is a variable 4.34 per cent on cash savings and an additional 0.55 per cent bonus payable on the first savings of £85,000 over the first 12 months, bringing the rate to 4.89 percent.
Customers who have at least £1,000 in investments will get a 0.45 per cent bonus, taking the rate to a maximum of 5.34 per cent.
The account is available to new and existing customers, can be opened in minutes online or in the Sidekick app and requires a minimum deposit of £1,000.
Interest is paid daily, while the bonus is paid monthly and there is no limit on the number of withdrawals savers can make with this account.
Money held on the Sidekick platform is protected through the Financial Services Compensation Scheme (FSCS).
Funds are held at GB Bank and are protected up to £85,000 by the Financial Services Compensation Scheme. Customers need the Sidekick app to get the rate.
How does it compare to the best easy access deals?
Chip currently offers the best easy-access account and pays 5 percent interest.
Easy chip access* The rate includes a bonus rate of 0.94 per cent for 12 months, with the underlying rate being a variable rate of 4.07 per cent.
The 0.93 percent increase applies to customers who opened the account after September 20, 2024.
The variable underlying rate is 1 per cent below the Bank of England base rate. This means that if the base rate were to increase or decrease, the Chip rate would reflect it by one percent lower.
One of the disadvantages of this account is that you can only make three withdrawals in a 12-month period before being penalized.
After withdrawals within a 12-month period, the rate will return to 3.9 percent (which is the underlying rate with the boost applied) or 2.97 percent (variable tracker without the boost) for the remainder of the year. period of 12 months from opening. the check.
Other great easy-to-access offers are offered by Oxbury Bank, which pays 4.87 per cent on savings from £25,000.
Chetwood Bank’s easy access account pays 4.86 per cent on deposits starting at £1.
Atom Bank launched a savings account that has a 4.86 percent “reward rate” if savers don’t withdraw money. If they withdraw money, the rate drops to 3.25 percent.
What is the companion?
Sidekick is a wealth management platform that offers savings and investment accounts.
It was founded by CEO Matt Ford in 2022 with the goal of unlocking access to the benefits of the financial elite.
It is aimed at entrepreneurs, tech workers and lawyers who want to invest but don’t know what the next steps are outside of traditional wealth management providers.
Ford said: ‘Our mission is to unlock the financial advantages of the ultra-wealthy.
“Having an excellent savings rate is key to this and we are proud to offer the highest easily accessible interest rate on the market.”
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