Santander UK rolls out direct-to-consumer investment platform
Santander UK has unveiled a new direct-to-consumer investment platform for customers
Santander UK has unveiled a new direct-to-consumer investment platform for customers, as part of its strategy to expand its face-to-face advice service.
Dubbed Investment Hub, the new platform will offer investors access to Santander Asset Management funds as well as about 2,000 funds from other providers.
Users can make initial minimum lump sum payments of £100 per fund, with no maximum amount, and additional lump sum payments. Regular payments of minimum of £20 per month can be set up by direct debit.
The platform, powered by technology from FNZ, will have an annual management charge of 0.35%.
Investment Hub can be accessed through the Santander website, and customers can use it to see mortgage, savings, insurance and current account in one place.
Customers can also use the platform to consolidate their investments held with other providers.
The bank said that all existing customers with Santander ISA Managers will be migrated to the new platform later in 2016.
Santander wealth management and private banking managing director Alan Mathewson says: “A crucial element of our wealth proposition is to make the investment market more accessible – a key focus of our work following the Financial Advice Market Review.
“Online investing is likely to represent 25 to 30 per cent of the UK retail investments market over the next couple of years. As a scale challenger bank, we want to be at the forefront of this trend as we continue to develop our proposition for customers in a simple, transparent and more affordable way.”
The new announcement comes following yesterday’s announcement of Santander’s foray into private banking business in the UK.
The bank said that its new private banking proposition in the UK will offer bespoke services to clients with £500,000 in savings or investments with an annual income of £250,000.