Medical Sickness, the specialist financial adviser which offers special deals to the medical and den...
Medical Sickness, the specialist financial adviser which offers special deals to the medical and dental professions, has effectively launched its own brand banking service for existing members called Privilege, by teaming up with the Wesleyan Savings Bank.
Members who opt for the new high interest cheque account banking service will initially be offered a competitive tiered interest rate of up to 4% gross, including a bonus of 0.25% for the next 12 months, however, officials stress that interest will never be any less than base rate minus 0.5%.
Although banking services - which also offer a personal banker - at this stage are only targeted at doctors and dentists, Privilege - not to be confused with Privilege Insurance, which is part of the RBS group - will eventually open the bank service to a wider audience after a phased launch.
Moves were made to establish a banking facility for Medical Sickness' clients after extensive research by the IFA firm discovered its clients didn't have time to arrange their finances, says Peter McNamara, Chief Executive of Medical Sickness.
"We conducted detailed research to identify what doctors and dentists are looking for from financial products. They told us they simply don't have the time to manage their finances but want to feel sure they are getting the best quality and best value products and services to suit their individual needs," says McNamara.
Part of the service will be to offer advice on mortgage deals, through Weleyan Home Loans, along with access to a gold visa debit card providing withdrawals of up to £500 per day without penalty to the account, a dedicated personal banker, 24-hour and internet banking, travel insurance, travel money, travel booking service, a home assist service and additional "advice lines" for help on tax, debt, employment and personal issues.
Members will also be offered additional discounts or benefits at Medical Sickness each time they buy a new product or service.
Minimum balance to open a Privilege account is £1,000 and carries no minimum balance once opened, but there will be a £15 monthly charge for all these services, after an account has been open for six months.
Medical Sickness is now a division of Wesleyan, as it was bought by Wesleyan Life Assurance in 1997.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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