Bank of Cyprus UK has increased the rates of its fixed rate bonds, securing its one-year deals places in the Moneyfacts charts.
The one-year version of Business Bond now pays 1.90% on maturity after a rate increase of 0.40%, giving it the joint top rate for its sector. Meanwhile, the one-year version of Business FlexiBond now pays 1.65% on maturity, which also enables it to sit comfortably in the charts.
Business Bond can be opened in branch and post and then operated in the same way as well as by phone. A minimum investment of £1,000 is required. Further additions and early access to funds are not permitted, so business owners must ensure that they are happy with their investment and the length of the one-year term.
FlexiBond can be opened and operated in branch and by post with an initial deposit of at least £10,000. Although further additions are not welcome, it is possible to access up to 30% of deposited funds penalty-free provided 35 days' notice is given.
The rate increases have enabled these bonds to secure competitive places in the charts, something that will appeal to business owners. Business Bond has the most competitive rate, but the access permitted by FlexiBond will appeal to those who want a little extra flexibility.
Moneyfacts rating: Excellent
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