Tuesday, May 11, 2010

Finovate: Ideon

Where do people with cash put their money nowadays? There's little upside to a bank savings account and too much risk in the stock market

The product allows customers to build a savings product. In three easy steps, you build it, review then open it.

First you select what you want to save and when do you need the cash. Now you customize. When do I need the cash? (e.g. this is a bunch of cash for a college fund that needs to start paying out in 12 months time). If the interest rate does not fit (like its 1%), you can gamble that puny amonnt against the possibility that she might be able to get a 'bonus' rate if one come up in the future. Gamble, without risking your cash.

Now you can see how this will work for you against the historical performance of the stock market and other saving vendors.

The Choice Savings product contains a range of features to provide these end to end customized products through a bank

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