Interest on Cash Deposits
The annual rate of interest earned on Transact pooled cash for July 2023 was 4.62% and this has been credited to client portfolios.
We use UK licensed banks: Barclays, Cater Allen, Clydesdale, HSBC, Lloyds, NatWest and Santander and our treasury function expertly manages the cash across different notice periods (up to 95 days).
| Annual Rate as at end of August | Equivalent rate earned based on 4.80% p.a. and 6.49% portfolio cash holding. | Transact Annual Commission Charge on Single Portfolio of £235k |
|---|---|---|
| 4.80% | ~ 31bps | 26bps |
Clients who want to access a fixed-term deposit can do this via their Transact portfolio.
A term deposit can be held in all Transact wrappers (with a maximum term of 12 months for insured wrappers). Details of a range of fixed-term deposits from Aldermore and Investec, as below, can be found on TOL. Go to: Information > Information and Assets > Term Deposits.
Further details on term deposits are provided in the user guide hosted on TOL. Please note that the rates shown are indicative. In the event of the bank provider changing the rate before the deposit date, we will communicate this to clients after the change has been confirmed. If the rate is still indicative, this will be updated as soon as possible and the new rate will be shown on TOL.
1. Introduction
2. Transact Online (TOL) – Recent Enhancements
3. Electronic Fee Reconciliation Data
4. COPS Update
5. Clients Can Add Their Nominated Bank Account Details via TOL
6. Share Class Conversion
7. Transact- BlackRock MPS Events
8. The Trust Registration Service (TRS) Challenges One Year On
9. Fund Changes
10. Interest on Cash Deposits
11. Transact Events 2023