Bank of Cyprus UK has made slight rate reductions to its fixed rate bonds and flexibond, but the 18-month deal has fended off its competitors and held onto a spot in the Moneyfacts charts.
The 18-month version of the Bank of Cyprus UK Bond now has a competitive rate of 1.81% on maturity.
Meanwhile, the one-year deal has a new rate of 1.50% yearly (1.30% monthly) and the 15-month variant now pays 1.65% on maturity. The two-year account has a rate of 1.95% per annum and the three-year version has a yearly rate of 2.10%. The FlexiBond now pays 1.35% per annum.
The fixed bonds can be opened and operated in branch, by post, by phone and online with an initial deposit of £1,000.
Like some other fixed rate deals, these accounts do not allow early access to funds and further additions are also not permitted. Investors must therefore be comfortable with the amount invested and the length of the term.
The flexibond requires a higher minimum deposit of £10,000 and can be opened and managed in branch, by post and by phone. Although further deposits are not allowed, up to two penalty-free withdrawals are permitted during the term, provided 35 days' notice is given
All of these accounts are also available as business bonds.
Despite the reduction, the 18-month fixed rate deal is still worthy of its top 10 position in the Moneyfacts charts. The rate is an enticing one and is bound to attract investors who are happy to lock their money away for the full term.
Four Moneyfacts Stars have been awarded.
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