Wealth manager Quilter has launched a national campaign to publicise that British savers are currently sitting on £303bn in bank accounts paying zero interest.

Financial Planner and wealth manager Brooks Macdonald will no longer charge fees on cash in its discretionary funds.

The Treasury has been heavily criticised today after announcing plans to tax the interest earned on cash held in stocks and shares ISAs.

Almost two-fifths, 38%, of HNWIs say they hold more cash than they did three years ago, with cash accounting for an average of almost a fifth, 19%, of their total wealth.

Advised clients are moving their money away from cash and back towards equities as interest rates subside, according to a new survey of financial advisers.

British savers put over £20bn into cash savings in October, the highest deposits ever seen outside of the Coronavirus pandemic.

Over half (54%) of advisers say that current cash interest rates on platforms have helped them attract new clients, according to new research.