Cater Allen launches new deposit account as customers flock to cash

Cater Allen today launches an incentive for advisers transferring money into Cater Allen's Special 12-Month Term Deposit Account, paying a highly competitive 6.15 per cent. The account has a minimum investment of £50,000, and all deposits are one hundred percent guaranteed by Abbey. This offer is only available until 30th June 2008.

Cater Allen has launched the account in response to the significant "flight to cash" seen since the credit crunch started last summer. This has created an issue for advisers, since advisers may not have a remunerative relationship with high street banks, and they may also lose day-to-day control of their clients' funds.

Additionally, high street banks may not offer clients the level of service that they are accustomed to receiving from advisers. Conversely, Cater Allen Private Bank is focussed on providing a superior service through dedicated, multi-skilled client teams and the traditional values you would expect from one of England's oldest private banks.

Sally Watts, Head of Marketing at Cater Allen, commented: "Cater Allen recognises the integral role of advisers in providing high quality financial advice to wealthy and discerning customers. That is why we are one of very few private client banks that is genuinely focussed and resourced towards working with advisers and their clients.

"We've launched this account in response to the shortage of high quality cash accounts geared towards the intermediary market, at a time when clients want to put money into cash. Moreover, all cash held under deposit is 100 per cent guaranteed by Abbey.

"We also remain committed to providing high quality service that reflects the level of service that advisers give to their clients."

The Special Fixed-Rate Deposit account is available on a minimum balance of £50,000 of new money to clients who also open a standard Cater Allen account at the same time.