Manage My Cash
WHAT IS CASH MANAGEMENT?
Cash Management is simply making sure that your cash assets are in the right accounts for you to draw upon as you need, whilst at the same time earning the maximum amount of interest possible.
WHY MANAGE CASH?
It is easily possible to generate significant value out of cash deposits, but you have to be pro-active. Check out the calculator below to see if you could be earning more from your cash.
- Maximise the rate of interest you earn.
- Maximise the level of FSCS protection you obtain.
- Do not leave any more than is absolutely necessary on instant access.
Solicitors Managing Cash within the Client Account Rules.
Solicitors have to adhere to their Client Money Rules when managing cash on behalf of their clients.
This has typically evolved into leaving all monies on deposit in their client account, which earns little or no interest.
However, Client Money Rules actually require all monies to be held on instant access UNLESS circumstances clearly indicate otherwise, taking into consideration:
- the amount
- the amount required on instant access
- the length of time, and
- the interest rates available
HOW TO MANAGE CASH
- Be Proactive.
- Research the Entire Savings Market.
- Have a Plan.
- DO NOT be Over-Loyal.
- Structure Your Savings Accounts Properly
