Harrods Bank has reduced the rate of selected fixed savings accounts, but despite this its 18-month deal remains an eye-catching offer, enabling it to retain its place among the top 10 accounts of its sector.
18 Month Fixed Rate Deposit now pays a competitive rate of 1.85% yearly, allowing it to hold onto its place in the Moneyfacts charts.
This account can be opened in branch and by post with a minimum deposit of £20,000. It can then be managed in the same way as well as by phone. A Call Deposit account will be automatically opened for funding purposes.
Like many fixed rate products, this deal does not allow further additions or early access to funds. Savers must therefore weigh up how much they would like to invest and ensure that they are happy with the length of the 18-month term.
Although this deal has had a slight rate cut, it remains a strong competitor in the field. The rate paid is still very attractive and will appeal to those investors who are able to make a larger investment. However, savers must be completely happy with their investment from the beginning, as early access and extra additions will not be accepted.
Moneyfacts rating: Excellent
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