Edward Jones launches new cash product

Financial services company, Edward Jones has launched a new cash product for investors thought to be unique in the UK.

The Edward Jones Premier Cash Fund Shares is designed to offer investors a fair and competitive return and easy access to their money.

There is a minimum investment of £5,000, the Fund is professionally managed and buys short-term cash orientated investments at the highest credit rating possible. The return is distributed daily and investors qualify to receive the return on their entire Fund balance every day they are invested.

Other monies such as share dividends or interest payments can be transferred directly into the Fund where it can continue to grow until needed.

Cash in the fund can be accessed on any working day and be paid directly into a bank or building society account.

The Edward Jones Premier Cash Fund Shares has an Aaa/MR1+ rating from independent agency Moody's - the highest possible for a cash fund.

Said Tim Kirley, Edward Jones UK Principal, "The new Fund adds to the range of services that our stockbrokers & financial advisers can now offer clients.

"This is the first time we have offered a cash orientated product and we don't believe there is anything currently like it on the market.

"All the money invested in the Fund will receive the same level of return from day one. While this will change from day to day we believe the returns will be highly competitive compared to bank or building society accounts."

One of the benefits of this investment is the return is paid gross and treated as an overseas dividend for tax purposes. Therefore a basic rate tax payer will be taxed at 10 per cent and 32.5 per cent for a higher rate tax payer.

While there is no charge to own this investment if the balance drops below £5,000 there is a £6 monthly fee.

Edward Jones Limited is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Registered in England and Wales No 3403976 and is based in the UK at 11 Westferry Circus, Canary Wharf, London, E14 4HH.