Charter Savings Bank has made a slight reduction to the rate of its one-year fixed bond. However, its competitive edge has not been blunted, allowing it to retain a place in the Moneyfacts charts.
The one-year Fixed Rate Bond now pays 1.75% yearly (1.74% monthly), a competitive rate that sees it remain among the top 10 accounts of its sector.
This internet-operated account must be opened with a minimum deposit of £1,000, although further additions can be made for up to 14 days after the account has been opened. Like many fixed rate deals, no early access is permitted, so savers must be comfortable locking their money away for the full one-year term.
Although this account has had a slight rate decrease, it is still a competitive offer. The fact that it offers a monthly interest rate is appealing and adds some welcome flexibility, as does the option to deposit extra funds for up to 14 days. However, savers must bear in mind that they will not be able to access funds prior to maturity, which means they must think carefully about how much they are willing to lock away.
Moneyfacts rating: Excellent
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