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It’s hard work to keep on getting the best rates year on year. Crowdstacker's new auto-switching savings account, Kepe, which automatically switches savers to get better rates is discussed in more detail in the Daily Mail.
Read comments from Crowdstacker’s new board advisor, James Blower, who discusses the key benefits of Kepe, whilst financial industry expert Rachel Springall of Moneyfacts and Finders.com’s CEO Jon Ostler also lend their thoughts on auto-switching.
“There are several issues with the savings market at the moment, not least the loyalty penalty which is unfavourable to people who don’t actively manage their cash savings,” explains Karteek Patel, CEO of Crowdstacker, the financial platform behind Kepe.
“Also the FCA’s 2018 report ‘Price Discrimination in the Cash Savings Market’ identifies people’s apparent unwillingness to switch accounts as one of the main reasons why they are losing money on their cash savings and cash ISAs,” Karteek continues.
“And it goes so far as to suggest providers are capitalising on this by offering the lowest rates to the longest standing customers.”
Your Money discusses how Kepe, our new auto-switching savings account, could offer real value to customers and be as disruptive to the savings industry as auto energy switching sites like ‘Look After My Bills’ who were featured on Dragons Den and landed a record investment deal from Tej Lalvani and Jenny Campbell.
It also looks at the ‘super complaint’ lodged by Citizens Advice estimating that UK savings customers had lost more than £800m since September 2018 because higher rates are only offered to attract new customers. This will be a thing of the past with Kepe.
Cash ISAs and the Innovative Finance (IFISA) discussed in Peer to Peer Finance News.
The UK Peer to Peer Finance Association (P2PFA) has published their second quarter 2018 numbers from member platforms.
The UK Peer to Peer industry discussed in Peer to Peer FInance News.
Crowdstacker were featured in P2P Banking.
Crowdstacker has passed its fundraising target of £800,000 on Seedrs, which is its first major external investment into the business.
The business peer-to-peer lender has been running a private fundraise on the equity crowdfunding platform, offering 3.93 per cent of equity.
Crowdstacker's Seedrs raise was featured in Crowdfund Insider.
Crowdstacker is planning to launch cash and stocks and shares ISAs to offer greater diversity to its customers.