Martin Lewis advises on savings accounts for deposits
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Savings rates remain low across the board at the moment as the Bank of England elects to keep the base rate at 0.1 percent in the face of economic uncertainty. Despite this, banks have regularly launched new deals in recent months in a bid to entice new customers.
Today, Secure Trust Bank followed this trend as it launched a new range of personal savings products including notice accounts, fixed rate bonds and fixed rate ISAs for new and existing customers.
This, it detailed, provided savers “with a choice of products at competitive rates to meet their savings goals.”
The new savings products are available immediately.
However, Secure Trust Bank noted while it aims to offer savers with competitive deals, due to the market place these products can be withdrawn “at short notice once funding requirements are met or in response to sudden market fluctuations.”
As such, Secure Trust Bank recommended interested customers “act promptly to secure the rates on offer and note that terms and conditions apply.”
The launched savings products are as follows:
- 30 Day Notice Account at 0.55 percent
- 60 Day Notice Account at 0.60 percent
- 90 Day Notice Account at 0.73 percent
- 1 Year Fixed Rate Bond at 0.95 percent
- 2 Year Fixed Rate Bond at 1.10 percent
- 3 Year Fixed Rate Bond at 1.20 percent
- 1 Year Fixed Rate Cash ISA at 0.65 percent
- 2 Year Fixed Rate Cash ISA at 0.86 percent
- 3 Year Fixed Rate Cash ISA at 0.96 percent
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Richard Balfour, the Head of Savings Products at Secure Trust Bank, commented on the launch.
Mr Balfour said: “We are delighted to introduce a wide range of new personal savings accounts – customers can choose the best account to suit their savings goals.
“The Notice Accounts offer market-leading rates and are ideal for those looking to maximise returns on shorter-term savings, while our competitive fixed rate ISAs provide customers with an opportunity to make the most of tax-free savings over the next one to three years.
“Our Bond Accounts offer attractive rates and are ideal for those looking to make the most of their savings over the next one to three years.
“These new accounts offer a great opportunity for customers to take a longer-term view with part of their cash savings at a competitive interest rate.”
Secure Trust Bank is not the only company to launch new rates this week, with Moneyfacts.co.uk most recent “Pick of the Week” highlighting two additional accounts which have seen a boost.
Oxbury Bank recently improved its Personal 2 Year Bond Account and Eleanor Williams, a Finance Expert at Moneyfacts.co.uk, reviewed the product.
Ms Williams said: “Amongst various changes to its range of Personal savings accounts, Oxbury Bank has applied a significant rate rise on its two-year Personal Bond account.
“Increasing by 0.45 percent this week, this account now pays a rate of 1.15 percent on anniversary which secures it a place towards the top of our tables and ensures that this may be an attractive option for savers who are happy to secure their funds away for the two-year term in order to receive a decent return.
“As may be expected in the fixed bond market, early access is not permitted, however, further additions can be made within 14-days of opening the account, which may be of interest to some. Overall, this account receives an Excellent Moneyfacts product rating.”
Coventry Building Society also boosted its Fixed Rate ISA (133) and Ms Williams concluded on this: “Savers who are looking to make the most of their tax-free savings allowance may wish to note the rate increases applied by Coventry Building Society to its Fixed Rate ISAs as part of its latest range update this week.
“Following an increase of 0.20 percent, the one-year fixed option now pays 0.61 percent yearly, and following the rate increase this deal now moves further up our top tables when compared against other fixed ISAs with similar terms. Early access is only available on closure and is subject to a 120-day loss of interest penalty, so careful planning would be advised, however, further additions can be made within 14-days of account opening or while the issue remains open, whichever period is longer, which may be a benefit for some investors. The account secures an Excellent Moneyfacts product rating.”
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