Three new rates on cash held with Ascentric

Ascentric is increasing interest rates on cash held on its wrap platform from 1 July. Three higher tiers of interest rates will apply, 4.75% on amounts from £150,000 to £279,999, 4.85% on amounts from £250,000 to £499,999 and 5% on amounts over £500,000. Previously, the top rate of interest was 4.5% on £50,000 or above. This rate now applies between £50,000 and £149,999. Interest will apply to accounts quarterly and is calculated daily. Royal London Cash Management will spread the cash deposits across banks rated AA and above by S&P, given the recent instability of financial institutions.