British wealth manager St James’s Place (SJP) has expanded its cash management service to customers with a minimum balance of £50,000.
Initially, the minimum balance requirement for accessing the platform was £250,000.
Go deeper with GlobalData
The wealth manager introduced the cash management service in 2017, in association with fintech firm Flagstone, for private individuals, SMEs, and charities.
At launch, the platform offered access to around 350 instant access, notice and term deposit accounts from more than 20 lenders.
The service’s threshold has now been lowered. Currently, fixed term accounts can be accessed by SJP clients with savings between £50,000 and £250,000.
Instant access, notice and term deposit accounts will be available to clients with a minimum deposit of £250,000.
Through the platform, users can now access more than 550 deposit accounts from over 30 banks and building societies.
Users can open multiple accounts with several banks and move funds between accounts.
Besides, the service is now available to 4,096 SJP advisers, a rise from the 3,415 figure at launch.
SJP joint COO Iain Rayner said: “Being able to manage cash holdings efficiently is fundamental to the needs of our clients. That’s why we committed to developing a range of banking services that help our Partners deliver truly holistic wealth management.
“Through Flagstone’s market leading cash platform, St James’s Place clients are able to access a huge range of accounts from an extensive panel of banks and building societies, enabling them to manage their cash deposits at the click of a button.”
