Novia sources cash deposits from a wide variety of high quality, well respected providers to offer a secure and rewarding short term home for client’s cash. These deposits provide the certainty of fixed term interest rates and may be available on a predetermined maturity basis. By investing through Novia the high minimum investments often associated with these deposits may be removed.
Cash deposits are available through the GIA, SIPP and Offshore Bond. They are not available in a Cash or Stocks and Shares ISA.
Interest may be paid gross or net of tax depending on the products offered – shown below – and you may have a personal tax liability related to this.
In general we offer:
Deposits invested once a month – 28th of the month or the nearest following business day
Cleared monies and an acceptable instruction must be received 7 business days prior to the 28th to ensure funds being deposited at that dealing point - otherwise the instruction will be carried out at the next dealing point
Fixed term deposits with duration of 3, 6, 12 or 24 months where provided by the institution
Interest rates and minimum investment levels will apply as at the dealing point as determined by the provider. Novia has no control over the interest rate applied to a chosen product. Interest rates may change at any point – interest rates shown are indicative only and offer no guarantee as to the rate offered by the provider at the given dealing point
Advisers seeking more information on cash deposits available through Novia should speak to their Regional Sales Manager
We are currently offering cash deposits through the service from the following providers – shown below.
Important:
We have an intended range of deposits available as shown but due to the nature of these products it’s important to remember that these can be removed by providers at any time with very little or no notice. Similarly, rates can change with little or no notice. Actual rates applicable are determined by the provider as at the point deposited, are subject to change and may be significantly different from those quoted as these are indicative only. Rates applied by the provider may range up to the indicative rates quoted based upon the amount to be deposited. All rates shown are subject to these important caveats.
Fixed Term Deposits
Provider / Products / Further details / Indicative rates %(Actual rates applicable determined at dealing point may be different) /
/ Fixed Deposits –3, 12, 24, 36 months / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £25,000 / 3m: 0.53
12m: 1.50
24m: 1.70
36m: 2.10 /
/ Fixed Deposits – 3, 6, 12, 24 months / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £50,000
Rates based on £1m deposit - please speak to provider to clarify rates for less / 3m: 0.70
6m: 0.90
12m: 1.40
24m: 2.00 /
/ Fixed Deposits – 3, 6, 12 months & 2, 3 years / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £25,000 / 3m: 0.60
6m: 0.80
12m: 1.40
2yr: 1.75
3yr: 2.20 /
/ Fixed Deposits – 3, 6 and 12 months / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £10,000
Increased rates for deposits over £100,000 / 3m: 0.70
6m: 0.75
12m: 1.01 /
/ Fixed Deposits – 1 year / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £10,000 / 1yr: 1.00 (+0.10 enhancement) /
/ Fixed Deposits – 3, 6, 12 and 18 months / Interest rates as determined by provider
Interest paid gross
Minimum aggregated investment of £5,000 / 3m: 1.00
6m: 1.10
12m: 1.50
18m: 1.70 /
Instant Access & Notice Accounts
Novia clients can also make use of a range of instant access and notice accounts:
Instant Access accounts will be dealt with on an individual, non-aggregated basis.
Provider / Products / Further details / Indicative rates %(Actual rates applicable determined at dealing point may be different) /
/ Instant Access
95 day notice - Cash Investment Account / Interest rates as determined by provider
Minimum investment of £100,000
Interest paid monthly
Further information can be found via the Scottish Widows website by clicking here / Instant Access: 1.00
95 Day Notice: 1.30 (+ 0.10 enhancement) /
/ Instant Access – Cash Deposit / Interest rates as determined by provider
Minimum investment of £100,000 / 1.00 /
/ Instant Access – Cash Deposit / Interest rates as determined by provider
Minimum investment of £100,000 / 1.00 /
If you wish to access a product from one of the providers below, please contact Client Services and ensure your instruction names the specific provider and product. If you wish to invest in a particular product issue please ensure you have requested the product and we have received a fully and correctly completed instruction and cleared monies in advance of this.
Advisers should request a product to be made available at least 14 days ahead of their desired account opening date.
A £100,000 minimum deposit per client will apply.
Instant Access, as individual accounts, cannot be held in offshore bond.
All other normal procedures will apply.
Cash Funds
Cash funds in the form of Unit Trusts or Open Ended Investment Companies (OEICs) enable you to purchase units or shares in a cash based collective investment vehicle. These highly liquid funds allow you to hold money with other investors, potentially offering reduced risk and higher returns than investing your cash individually.
Novia makes available a number of cash funds from market leading investment houses. Full details of all the funds available can be found on the Investment List, available here.
We make available cash funds from investment managers including:
BlackRock
Jupiter
Henderson
Aviva
Fidelity
Invesco Perpetual
L & G
Royal London
Insight
Cash Facility
All Novia Product Wrappers include an integral Cash Facility where monies can be held and will currently attract interest at a rate of 0.30%.
This document is intended to provide information for professional advisers only and is not intended for onward transmission to clients. Novia does not provide advice - advisers must seek their own compliance/legal advice before relying on the information provided in this document. Novia Financial plc is a limited company registered in England & Wales. Register Number: 06467886. Registered office: Cambridge House, Henry St, Bath, Somerset BA1 1JS. Novia Financial plc is authorised and regulated by the Financial Conduct Authority. Registered No. 481600