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Metro Bank & Killik team up to launch money management service
by Dylan Lobo on Oct 30, 2013 at 14:55
Metro Bank has partnered with Killik & Co to provide the wealth manager's clients with a cash flow management tool.
The Money Management Account provides customers with a current account and a low cost overdraft secured against eligible assets, which include most tradeable securities. Borrowers are required to maintain securities with a market value that exceeds the loan balance at all times.
The service's raison d'être is to offer customers a flexible and convenient source of credit without disrupting long-term investment strategies.
Commenting on the launch, Metro Bank chief executive Craig Donaldson said in a statement: 'The account provides clients with an easy to use source of credit for virtually any short term borrowing need – from school fees to a house extension.
'Crucially, it provides a simple way for clients to tap into the assets they already have without disrupting their longer term investments.'
Killik founder and senior partner Paul Killik (pictured) added: 'We welcome this partnership with Metro Bank and are confident clients will appreciate the flexibility of the Money Management Account to meet their cash-flow needs without creating a CGT event or having to withdraw monies held tax-efficiently in shares and bonds within an ISA.'
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