As of 7 December, OakNorth Bank – the UK bank powered by OakNorth – is offering its Fixed Term Deposits to pension savers via Insignis, the leading cash solutions provider. The Insignis marketplace brings together pension savers of various SIPP and SSAS administrators and introduces them to cash savings products of numerous savings providers, one of the first of which is OakNorth Bank.
Given uncertainty due to COVID-19 and the resulting stock market volatility, many pension savers, and especially those who are nearing retirement, have chosen to hold more of their pension pots as cash. Today’s low interest rate environment makes it challenging to earn a return on cash savings. The Insignis savings marketplace provides a one-stop-shop solution for pension savers seeking to increase the rate of return on the cash portion of their pension pots by distributing their savings among the various providers on the Insignis platform. By splitting their cash savings amongst the savings providers on the platform, Insignis customers, who on average have a pension pot size of £400,000, can earn up to 1.1% depending on product selection, while ensuring 100% of their hard earned cash is eligible for FSCS protection.
Having secured its banking license in 2015, OakNorth Bank has attracted over 175,000 savers directly and via partnerships with the likes of Monzo, Moneybox and Raisin. OakNorth Bank uses these deposits to help fund its lending to UK SMEs and has lent over £4.5bn to date. These loans have directly helped with the creation of more than 16,000 new homes and almost 20,000 new jobs in the UK, as well as helping to save countless businesses and jobs this year from the COVID-19 pandemic impact.
Commenting on the partnership, Giles Hutson, CEO of Insignis, said: “Given the ongoing market volatility due to COVID-19, we’re seeing more and more savers moving their money from riskier investments to cash. However, it is vital that they diversify these holdings across several different banks to maximise FSCS protection eligibility. Our Insignis savings marketplace has been launched to help UK pension savers earn additional interest on the cash component of their pension pots. We are extremely delighted to welcome OakNorth Bank as a key partner in applying visibility to the pensions industry. Since 2017, we’ve placed more than £2bn of funds and look forward to working closely with financial advisers and their clients to give them access to this award-winning savings platform.”
Dimitra Koutsoukos, Director of Deposits Partnerships and Rajat Mehta, Senior Director of Consumer Business at OakNorth Bank said: “We’re very excited to launch this partnership with Insignis, as it enables us to offer our products to UK pension savers for the first time. In this period of extremely low interest rates and stock market volatility, it is important that pension savers have peace of mind that their hard-earned cash is secure and is earning them the best rate of return possible.”
Notes to editors
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
Since its launch, the bank has:
• Lent over £4.6bn, directly helping with the creation of 16,000 new homes and almost 20,000 new jobs in the UK;
• Raised deposits from c.175,000 savers;
• Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
About Insignis Cash
Insignis Cash Solutions is a cash savings platform designed for individuals, companies, charities, and local authorities to earn better interest from their hard-earned cash. The platform offers access to up to 29 banks and building societies offering exclusive, market leading savings rates. The service allows clients to hold deposits with a range of providers all operated via a hub account with Barclays Bank.
Established in 2015, Insignis is founder-owned and experiencing exponential growth as more people realise that our simple solution saves them time and earns them better interest rates, without the hassle. Our Independent status allows us to work with banks and financial-industry partners to get the best results for our mutual clients.
Our partnerships with wealth managers, financial planners and banks empowers savers to do more.
Visit www.insigniscash.com for more information.
Giles Hutson, CEO – Insignis Cash Solutions: firstname.lastname@example.org / +44 (0) 1223 200 674