Wealth manager Charles Stanley has linked with fintech Bondsmith to launch a new savings option for clients through its platform Charles Stanley Direct.

It said Cash Savings will offer a range of competitive savings rates through an online account.

The platform will offer access to a range of bank and building society accounts and allow savers to view all their accounts in one place and easily switch between them.

There will be no upfront fees, but 0.1% interest will be retained on received rates.

John Porteous, managing director of Charles Stanley Direct, said: “The period of ultra-low interest rates lasting for much of the past decade offered little opportunity for savers to improve their position.

“But with the Bank of England base rate now above 5%, managing savings effectively can make a significant difference and maximising on interest received on savings products can really help meet people’s goals.”

He said many large banks have been slow to pass on rate rises to savers and haven't been doing so in full.

He said Charles Stanley Direct’s new Cash Savings platform will allow users to take advantage of some of the best rates on the market.

Fintech Bondsmith attracted an investment from FNZ, the platform engine behind many UK investment platforms, in June 2022.