Santander PB boosts corporate deposit options

Companies and professional intermediaries can now access competitive fixed rates and other deposit account options, thanks to the intermediary deposit service by Santander Private Banking in Jersey.   The Intermediary business, headed by Jonathan Williams, focuses on companies, intermediaries, private banks and trusts, many of whom control large deposits on a day to day basis. Santander Private Banking believes that the combination of the offer of interest rates of up to 3.55% gross/AER paid on two year fixed term contracts, or 12 month fixed rate contracts paying 3.40% gross/AER on sterling accounts and 2.75% gross/AER on USD accounts will appeal to organisations such as trusts and brokers in particular.

Intermediary organisations often have to manage significant cash deposits for clients and are required to balance the potential returns with the safety and security of the organisation taking the deposit. As part of the Banco Santander group, one of the most recognised bank brands in the world and one of the top five banks by profit over the last three years, Santander Private Banking in Jersey believes that the combination of the strength and service it can offer will prove to be popular with both advisors and clients. Balances held with Santander Private Banking in Jersey are guaranteed by Santander UK Plc., which has a long term credit rating of AA- from Standard and Poor’s, A+ from Fitch and A1 from Moody’s. This added level of security is certain to be highly significant, believes Williams. “In the intermediary market deposits held by banks on behalf of clients are substantial so it is vital that the safety and security of the organisation is underpinned by something as clear and unambiguous as a guarantee,” he said.

With volatility still a feature of many stock and property markets worldwide, clients may hold cash deposits within portfolios while the current political and economic difficulties are resolved. Cash therefore remains a popular option for a large number of investors. Offering a combination of high interest rates and the backing of the Santander name, the intermediary service is proving to be popular in the competitive deposit market.

Globally, Santander Private Banking has over €90 billion of client funds under management and over 2000 professional staff operating out of over 120 offices worldwide

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