Nucleus Financial Platforms has revamped its cash panel on the James Hay platform.
Nucleus, which was bought by James Hay back in 2021, has partnered with fintech firm Bondsmith for its cash panel changes.
The upgrade, which goes live today (26 July), provides access to an increased range of competitive fixed term deposit and notice accounts from a wider selection of banks.
The firm said more banks are expected to be added in the coming months.
Chris Williams, proposition director at Nucleus, said: “Our James Hay platform pays an attractive rate of interest on the transactional cash that customers have in their products. But at a time of uncertain markets, high inflation and an increasing Bank of England base rate, some are looking to lock their cash away for longer periods of time in exchange for higher investment-style returns.
“This is exactly what we’re providing with our enhanced cash panel with Bondsmith.
“We’re giving advisers the ability to recommend these new products to their customers, offering leading returns on cash from a wide selection of banks to make their cash work harder.”
Terms from six months to five years are available and there’s also a reduced minimum deposit of between £1,000 and £10,000 depending on the bank - reduced from £25,000.
There are currently 26 different account options up from the three that were previously available, providing flexibility and enabling more customers to take advantage of the higher interest rates on offer.
Williams said the firm is trying to invest in the priorities of advisers to help them deliver better outcomes for their clients.
Tom Higham, managing director of savings at Bondsmith, added: “We are delighted to be working with Nucleus to enable advisers using the James Hay platform to help customers maximise the interest they can earn on their cash.
“Through Bondsmith, customers are able to access an increasingly wide range of savings accounts from UK banks.
“And with interest rates on savings products at their highest level for over a decade, we’re proud to be able to help more clients improve the returns on their cash in this environment."
sonia.rach@ft.com
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