Wealth manager and independent financial adviser jonathanfry has launched a service for clients wanting to park a minimum of GBP250,000 in cash accounts.

The Dynamic Cash Management service is a response to clients wanting to find the best home for cash in an ultra-low base rate environment.

Many ordinary savings accounts pay just 0.1 per cent AER, with even the better high street accounts struggling to pay much more than two per cent AER. Clients who do find a genuinely high interest account are often frustrated when the rate drops a few months later - and by the effort required in opening and closing accounts. Clients also worry about depositing large sums with a single institution – the Financial Services Compensation Scheme covers deposits only up to GBP50,000 on individual accounts.

Jonathan Fry (pictured), private wealth director of jonathanfry, says: “The idea is very simple really. We select a range of competitive accounts and deal with all the hassle involved in getting clients’ money into them. As anyone who has recently tried opening a new account will agree, it is a time consuming, frustrating process.

“We research the whole of the savings market and select accounts delivering high rates, from institutions with good financial strength tailored to the risk profile of the client concerned. Interest rates and institutional strength are regularly monitored, and cash is switched when rates change or our assessment of financial strength changes.”

All accounts are opened in the client’s name in order to qualify for maximum protection under the FSCS.

Investments in Dynamic Cash Management are also split between a number of different institutions to ensure that clients do not face excessive risk.