Insignis: 001 — How Power of Attorney Could Impact your Cash

Welcome to "Know Your Cash" by Insignis Cash

Get your weekly market updates, notable news, and monetary insights in just 3 minutes. This week, learn about the impact of the power of attorney restrictions on savings.

Subscribe to keep on top of updates that impact your savings

🏦 Current Bank Rate: 5.25% (next due: 20 June 2024, Bank of England)

💸 Inflation Rate: 2.3% (BBC News)

💼 Unemployment Rate: 4.4% (Office for National Statistics)

Current Top Savings Rates*

• Easy Access – Shawbrook Bank: 4.70%

• 6 months Fixed — Sainsbury's Bank: 5.13%

• 1 Year fixed – Al Rayan Bank: 5.20%

Nvidia overtakes Apple as its market capitalisation surpasses $3tn (FT) Last Wednesday, Nvidia's valuation stood at 42 times its anticipated earnings for the upcoming 12 months.

Britain’s rich race to save their wealth from election hit (Bloomberg) As the wealthiest residents seek to safeguard their wealth, mounting anxiety emerges in anticipation of the nationwide vote on July 4.

The Impact of Power of Attorney Restrictions on Savings

What's happening?

Many banks fail to recognise the power of attorney arrangements, potentially restricting access for individuals who rely on proxies to manage their finances. This may limit access to competitive fixed-rate bonds offered by specific banks or savings platforms.

Why it matters

These limitations can have significant implications for individuals, particularly those who delegate financial management to attorneys. Complex requirements across banks exacerbate the issue, potentially creating obstacles for clients dealing with financial institutions.

What it means

Clients should be aware of the challenges posed by the power of attorney restrictions. Understanding potential account access limitations empowers informed financial planning and asset management decisions. Alternative options like regular savings accounts may be necessary to navigate these challenges.

Exploring the Future of Wealth Management: Insights from Fintech Experts.

We invite you to visit our website if you have any questions.

Wishing you a wonderful rest of the week. Until next time!

The Insignis Cash team

*Rates are correct on the Insignis Cash Platform as of 11 June 2024. Rates are subject to a minimum and maximum deposit size, please shop around. Availability of products will vary depending on the client type. Check your FSCS coverage. Fixed-term deposits cannot be broken early.

Insignis Cash is a trading name of Insignis Asset Management Limited (Company number 09477376). Insignis Asset Management Limited is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (813442) for the provision of payment services.