Bank Announces “Significant Rate Increase” on Savings Account – “Interesting Option” | Personal Finances | Finance
The Bank of England base rate remains at an all-time high of 0.1% and recent Consumer Price Index (CPI) figures have shown an increase in the UK inflation rate. As such, finding the best interest rates is a priority for many savers right now.
Fortunately, there are several websites that monitor the different interest rates offered in the savings market.
This includes Moneyfacts.co.uk, and this money comparison website has once again highlighted the best of the latest consumer credit product or rate changes this week, via the pick of the week. Moneyfacts.co.uk.
Moneyfacts.co.uk financial expert Eleanor Williams has analyzed a number of offers and outlined some of their benefits.
Oxbury Bank’s two-year personal bond account – number three was named in this week’s savings pick of the week.
âAmong the various changes to its line of personal savings accounts, Oxbury Bank has applied a significant rate hike on its two-year personal bond account,â Ms. Williams said.
“Growing 0.45% this week, this account now pays a rate of 1.15% on the anniversary, which secures it a top of our tables and ensures that it can be an attractive option for savers who are happy to secure their funds for the two year term in order to receive a decent return.
As you would expect in the fixed rate bond market, early access is not allowed, however, further additions may be made within 14 days of account opening which may interest some.
“Overall, this account receives an excellent Moneyfacts product rating.”
DO NOT MISS
For this account there is a minimum opening amount of Â£ 1,000.
The maximum investment amount is Â£ 500,000.
As Ms. Williams mentioned, with this fixed rate account, it is possible to make further additions within 14 days of opening the account, through the designated account.
The account must be opened online and it can be managed both online and through the bank’s mobile app.
Savers looking to get the most out of their tax-free savings allowance may want to note the rate increases Coventry Building Society has applied to its fixed rate ISAs as part of its latest range update this. week, âshe said.
âAfter an increase of 0.20%, the one-year fixed option now pays 0.61% per annum, and following the rate hike, this deal is now moving higher in our rankings compared to other fixed ISAs with similar conditions.
“Early access is only available at close 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. the opening of the account or while the problem remains open, depending on the period is longer, which can be advantageous for some investors.
âThe account has an excellent Moneyfacts product rating. “