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Close Look
Magnet Account offers intermediaries a flexible, omnibus account type
structure, which facilitates a number of client sub-accounts. Each
sub-account can be tailored to the individual’s requirements,
while all benefit from the best possible interest rate, irrespective
of their individual balances.
An All-In-One Solution
Intermediaries and trustees need no longer open scores of individual
accounts, in order to act in the best interests of their clients,
while meeting their exact capital and interest requirements.
Magnet Account’s flexible omnibus style account structure gives
you the opportunity to open one account, which facilitates a range
of individually tailored client sub-accounts.
Easy Access
For the intermediary, Magnet offers daily access to their clients’ funds
(instruction must be received before 11h30), with no notice period
required.
For instant access, worldwide, a VISA Debit Card can be issued on
sub-accounts.
Easy Administration
Close will ensure that all inward and outward transactions are applied
correctly. We also maintain individual records, for each sub-account,
and provide clear narratives on statements. These can be issued
weekly, monthly, quarterly or yearly at your discretion.
An Interesting Solution
One Rate
With Magnet Account, the interest rate is calculated according to
the intermediary’s total holdings. So, you can keep all your
clients’ cash in one account, where they all benefit from the
best possible rate, regardless of their individual balances.
Competitive, Current Rates
Interest rates are linked to interbank, with reviews every Tuesday.
So, your clients always receive a competitive rate, in-line with
the interbank market.
Tailored Interest Payments
The interest payments on each sub-account can be tailored to suit
each individual’s requirements.
Interest is calculated daily and paid monthly, and can be split from
the capital and paid into a separate account.
Benefits - Up Close
- Daily access with the earning potential of short term deposits
- One attractive rate for all your clients, regardless of balances
- Separate tailored sub-accounts for each client
- Additional client access through cheque book, VISA Debit Card
- Income and capital can be split, for each sub-account
- Easy administration
- Regular reporting - weekly, monthly, quarterly or yearly statements,
applied at sub-account level
- Multi-currency
- High interest rates, which track the interbank market
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