The investment firm's Cash Savings platform is described as a 'one-stop shop' for savings, allowing people to view all their deposits in one place and easily switch accounts when rates rise.
They are not the only online savings platform on the block though, with established names including Raisin UK and Hargreaves Lansdown competing for your nest egg.
Which? takes a look at what Charles Stanley Direct is offering that's different and explores whether savings platforms are worth considering.
What is a savings platform and how do they work?
If you don't like the job of shopping around for the best deal, you can use an online savings platform instead.
These websites work with a number of banks and building societies to help source market-leading accounts for you. Some top-rated products are exclusive to the platform and can't be found anywhere else.
Registering with a savings platform is generally very straightforward and you'll usually be notified when any bonds are due to mature.
Find out more:What does Charles Stanley Direct's platform offer?
Like many savings platforms, Charles Stanley Direct Cash Savings site unlocks access to a range of top-rate savings accounts – easy access, fixed term, and notice – with minimum opening deposits starting from just £1.
There are no upfront fees, but the company it uses to power the platform - Bondsmith - does keep a 0.1% cut of the rate. This is done behind the scenes, so the rate you see advertised is the rate you will get.
What rates can you get on a savings platform?
The table below shows you what each of the main savings platforms offers, listed in alphabetical order. Rates are current as of 14 November 2023.
undefinedCan you get a better rate with a savings platform?
The top rate on a one-year fixed-rate bond is currently 5.91% AER from Metro Bank and the top restriction-free instant-access savings account pays 5.2% AER from Ulster Bank.
So of the savings platforms we looked none could match the rate offered on a one-year bond, but Akoni Cash Management offered a better easy-access account paying 0.05% more than the top-rate deals available more widely.
However, Akoni charges a fee on the overall amount you save. So if you opened the best instant-access account through them, paying 5.25% AER, with a £5,000 deposit - and didn't touch your money - you'd earn £269 in interest after 12 months. But if you take into account the 0.25% fee, then the rate you are getting in reality is actually 5%.
Also, because the fee is charged every three months, it will be nibbling away at your nest egg over the year and affecting the total annual returns you receive.
Other platforms such as Hargreaves Lansdown and Aviva take a cut of the rate you receive from a bank, which is why the rate you get through them is slightly lower than you could get by going direct.
Find out more:Pros and cons of using a savings platform
Using a savings platform may sound like an easy win for time-poor savers who don't want to miss out on the latest rate, but don't want to rush into registering with a provider before they've weighed up the pros and cons of using the service:
Pros
Convenience:Easy to set up:Keep on top of fast-changing rates:Exclusive deals: Easy to spread FSCS protection:Cons
May miss out on other top rates: Money may not be FSCS protected: Minimum investments may be higher: Fees:Find out more:source https://www.which.co.uk/news/article/can-you-get-a-better-rate-with-a-savings-platform-aV8Za2C5mafu